Coinbase Announces Final Move With Popular Altcoin Cardano
Popular altcoin Cardano (ADA) holders will soon be able to securely stake their tokens on Coinbase Custody.
Coinbase Announces Final Move With Popular Altcoin Cardano.
Stacking gives people who hold the currency the power to make decisions and earn money on the network.At Cardano Virtual Summit on Friday, Cardano’s chief developer IOHK announced that it has signed an agreement with Coinbase Custody.
Beginning in the first quarter of 2020, users will be able to stake their ADA tokens in Coinbase’s cold store. In proof-of-stake blockchains such as Cardano , the blocks are verified by the token holders who receive rewards in return. In Bitcoin , this verification is done by miners.Cardano’s staking protocol, Shelley, will be online later this month; In mid-August, staking awards will be earned.
Sam McIngvale, the product head of Coinbase Custody, said that their regulated products will help projects such as Cardano become more generally accepted.Tezos signed a similar staking agreement with Coinbase Custody in November 2019.