September 27, 2022

Coinbase announced Cardano staking. The price of the cryptocurrency reacted with growth

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The Cardano rate soared by 15% amid the announcement of ADA staking from the American bitcoin exchange Coinbase.

Cardano (ADA) holders have the option to participate in staking on their own or through delegation, but this is a complex and confusing process, the exchange team believes.

According to the statement, Coinbase offered an “easy and safe” way to generate 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.

Following the announcement, the price of Cardano on Coinbase surged from below $1 to $1.15 in an instant. At the time of writing, the coin has corrected to $1.13.

According to CoinGecko, ADA has risen in price by more than 15% in the last 24 hours, and by 34.5% in seven days. These are the maximum corresponding indicators from the top 10 cryptocurrencies by capitalization.

Recall that in December 2021, the creator of Cardano and the head of the IOHK developer Charles Hoskinson spoke about the plans for the development of the blockchain project in 2022.

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