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.
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.
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