Cardano had an increase of 9% to $1.17 due to the news of the availability of staking on Coinbase, a platform of such recognized prestige.
Cardano’s ADA Up Nearly 10% as Coinbase Adds Staking Feature
Coinbase says there’s about a 3.75% annual percentage yield on staked Cardano
Cardano’s ADA rose to its highest level since about mid-February after crypto exchange Coinbase (COIN) expanded its staking offerings to that cryptocurrency.
“With today’s launch, Coinbase is offering an easy, secure way for any retail user to actively participate in the Cardano network and earn rewards,” Coinbase said in a blog post.
The crypto exchange estimated that there will be about a 3.75% annual percentage yield on staked Cardano. After an initial holding period of 20 to 25 days, customers will receive awards to their account every five to seven days.
ADA was up 9% to $1.17 on Wednesday afternoon. Crypto markets were broadly higher as well, including an 8% gain for solana, and 4.5% advances for bitcoin and ether.