Cardano’s ADA Up Nearly 10% as Coinbase Adds Staking Feature

Cardano’s ADA rose to its highest level since about mid-February after crypto exchange Coinbase (COIN) expanded its staking offerings to that cryptocurrency.

• “With today’s launch, Coinbase is offering an easy, secure way for any retail user to actively participate in the Cardano network and earn rewards,” Coinbase said in a blog post.
• The crypto exchange estimated that there will be about a 3.75% annual percentage yield on staked Cardano. After an initial holding period of 20 to 25 days, customers will receive awards to their account every five to seven days.
• ADA was up 9% to $1.17 on Wednesday afternoon. Crypto markets were broadly higher as well, including an 8% gain for solana, and 4.5% advances for bitcoin and ether.