Cardano holders will soon be able to stake tokens securely at Coinbase Custody.
- 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.