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Coinbase Custody to Support Secure Cardano Staking This Year
Cardano users will be able to securely stake their ADA tokens from inside Coinbase's cold storage.
By Paddy Baker
Updated Sep 14, 2021, 8:59 a.m. Published Jul 3, 2020, 2:06 p.m.
Cardano holders will soon be able to stake tokens securely at Coinbase Custody.
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- At the Cardano Virtual Summit Friday, chief developer house IOHK announced it had signed an agreement with Coinbase Custody.
- From Q4 2020, users will be able to stake their ADA tokens from inside Coinbase's cold storage.
- In proof-of-stake blockchains like Cardano, blocks are verified by token holders (rather than miners as with blockchains like Bitcoin), who receive rewards in return.
- Cardano's staking protocol, Shelley, is expected to come online later this month with staking rewards beginning in mid-August.
- Sam McIngvale, Coinbase Custody's head of product, said the regulated product would help projects, like Cardano, find more mainstream acceptance.
- Tezos inked a similar staking agreement with Coinbase Custody in November 2019.
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Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
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