Crypto exchange Coinbase has announced Cardano (ADA) as the newest addition to its staking offering for proof-of-stake blockchains.
In a blog post, Coinbase said that ADA holders can now delegate their tokens to earn rewards for securing the Cardano blockchain right from the exchange. Delegators can earn as high as 3.75% annual percentage yield by using Coinbase, although the return rate is set by the Cardano network.
Coinbase now providing hassle-free ADA staking
The service is intended to make staking ADA hassle-free and secure for users as opposed to staking through other channels.
A senior product manager at Coinbase, Rupmalini Sahu, commented,
“You will always maintain control. Your Cardano always stays in your account; you just earn rewards while keeping your crypto safely on Coinbase. You can opt-out any time you want.”
He adds that staking offers opportunities for investors to grow their portfolios safely. At the moment, other PoS blockchains that Coinbase offers staking services for include Algorand (0.45% APY), Cosmos (5% APY), Tezos (4.63% APY), DAI (0.15% APY), USD Coin (0.15% APY), and Ethereum (3.675% APR). The exchange has plans to expand its staking portfolio through the year.
Coinbase’s move is only the latest addition to the array of options that ADA holders have for staking on Cardano. Holders can also manage their staking by delegating to stake pools through all Cardano wallets including Yoroi, Nami, and Ccvault (now Eternl), to name a few.
Over 72.2% of the circulating supply of ADA is currently being delegated by around 1.1 million holders to stake pool operators. This brings the actively staked ADA to a value of around $23.20 billion per data from ADAPools.