Coinbase Custody to Support Secure Cardano Staking This Year
Coinbase Custody CEO Sam McIngvale speaks at Invest: NYC 2019. (Photo by Zack Seward for CoinDesk)
Cardano holders will soon be able to stake tokens securely at Coinbase Custody.
- At the Cardano Virtual Summit Friday, chief developer house IOHK announced it had signed an agreement with Coinbase Custody.
- From Q4 2020, users will be able to stake their ADA tokens from inside Coinbase’s cold storage.
- In proof-of-stake blockchains, like Cardano, blocks are verified by token holders (rather than miners as with blockchains like Bitcoin), who receive rewards in return.
- Cardano’s staking protocol, Shelley, is expected to come online later this month with staking rewards beginning in mid-August.
- Sam McIngvale, Coinbase Custody’s head of product said their regulated product would help projects, like Cardano, find more mainstream acceptance.
- Tezos inked a similar staking agreement with Coinbase Custody in November 2019.
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