Coinbase Rewards Users With Cardano, Adds Strike

Good news for Coinbase users: the exchange has been supporting since today strike rewards for cardano (ADA) owners! The crypto news coincides with a huge price increase of the altcoin.

Cardano strike on Coinbase

In a announcement inform Coinbase that users can now earn rewards if they own ADA. For this, they don’t have to do anything but buy cardano or send it from an external wallet to their Coinbase account. Users will then immediately start earning ADA.

The exchange states that the staking rewards will be paid out every 5-7 days after the initial hold period of 20-25 days. This is about 3.75% per year. You can of course also strike without an account at Coinbase through your own wallet. However, the exchange wants to make the staking process with its service easier for its customers:

“The process can be confusing and complicated. With today’s launch, Coinbase provides an easy, secure way for any retail user to actively participate in the Cardano network and earn rewards.”

Earn ADA by staking

Cardano is a blockchain network that is proof of stake (PoS) protocol is running. This means that users can use their crypto to contribute to the processing of transactions. In return, strikers receive a reward, similar to bitcoin (BTC) miners who receive a reward for processing transactions.

Suspending ADA yourself is also the cheapest option. While users on Coinbase receive 3.75%, users who stake directly with their wallet receive almost one percent more. It may therefore be more interesting for long-term investors to strike with their own wallet.

As mentioned, the cardano price has been rising rapidly in recent days. Read a technical analysis released today of the altcoin that was able to rise in value by almost 50% in the past 10 days.

In addition to the increasing developments on the network, the project also sees good news from other quarters. For example, it has been included in a new investment product from Grayscale, which you can read more about here.