Cardano (ADA)
$0.129476 (-9.35 %) View coin
06 July 2020

Coinbase Custody will support Cardano staking later this year

At Cardano’s Virtual Summit last week, development firm IOHK (Input-Output Hong Kong) announced it had partnered with Coinbase Custody. The exchange’s custody arm agreed to support ADA storage and staking later this year. IOHK expects Cardano’s Proof-of-Stake (PoS) protocol, called Shelley, to launch by the end of July, with inflation rewards arriving in mid-August.

ADA is up 180% over the last 90 days. The appreciation could be the result of pent up demand for Shelley's launch and ADA staking.

Source: Messari Portal

Why it matters: - Coinbase Custody support may foreshadow a listing Coinbase’s retail exchange, which is the most popular crypto on-ramp in the U.S. The partnership, therefore, allows Cardano to increase its exposure, especially within the U.S. market. - It’s hard to ignore how Tezos’ price reacted last year to a flurry of exchanges announcing support for XTZ staking rewards. Cardano could be in a similar position this year. Like Tezos, Cardano sports an active community, support from a well-funded foundation and development team, and similar network characteristics (from a high-level perspective). However, while staking is effective at bootstrapping participation, it cannot continue to drive network value if demand for the token outside of staking remains limited.

Cardano completed its long-awaited Shelley hard fork today, transitioning its blockchain from a federated network managed primarily by the Cardano Foundation to a community-run protocol. The new Shelley mainnet introduces Cardano’s proposed Proof-of-Stake (PoS) layer, which allows users to contribut...
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