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Cardano Unveils Coinbase Staking Partnership – Should We Expect ADA Support?

Cardano made headlines not too long ago when it’s been revealed that Charles Hoskinson, Cardano creator said that the crypto movement is about more than just speculation on Bitcoin’s price.

Hoskinson said that a lack of trust is the main issue that people and corporations are facing during the coronavirus pandemic – the blockchain is the solution, he says.

“There were tons of issues from hoarding to profit-seeking behavior and other things leaking in and ultimately hurting the most vulnerable among us. So we ask ourselves why is that,” he explained.

ADA hodlers can stake their coins via Coinbase Custody

IOHK said that Coinbase will allow holders of ADA to stake their coins through Coinbase Custody.

During Cardano’s 2020 Virtual Summit, IOHK stated that the partnership would allow ADA holders to stake their coins in a safe and secure manner via Coinbase’s institutional storage offering, according to the latest reports coming from the online publication the Daily Hodl.

The team continued and said: “Coinbase Custody is the first solution to be able to offer staking, whilst keeping assets securely stored in cold wallets.”

It’s also worth noting the fact that Cardano is upgrading to a proof-of-stake (PoS) model. The PoS consensus mechanism allows you to lock up your coins or your stake.

Aldo, staking allows users who would not normally be able to contribute to the network in an easy way while getting awards as well.

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