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

Coinbase says there’s about a 3.75% annual percentage yield on staked Cardano

AccessTimeIconMar 24, 2022 at 6:42 p.m. UTC
Updated Mar 24, 2022 at 7:05 p.m. UTC

Michael Bellusci is CoinDesk's crypto payments reporter.

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.

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Michael Bellusci is CoinDesk's crypto payments reporter.

CoinDesk - Unknown

Michael Bellusci is CoinDesk's crypto payments reporter.