Cryptocurrency exchange Coinbase has just announced that it has added support for Cardano (ADA) staking, which has made the price of the altcoin jump by 15%.
According to the statement:
“Cardano is one of the top 10 cryptos by market cap. This is a blockchain based on the Proof-of-Stake algorithm, developed as the evolution of the next generation of Ethereum.”
Whereas ADA holders now can participate in staking on their own or through delegation, the exchange team believes this is a complex and confusing process.
According to the statement, Coinbase has offered an “easy and safe” way to earn passive income with an annual rate of around 3.75%. Rewards will be accrued every 5-7 days, users will be able to withdraw their assets from the service at any time.
The price of Cardano has surged on Coinbase from below $1 to $1.15 in an instant. At the time of writing, the coin has corrected to $1.13.