Sirlibz
IOHK, the company in charge of the development of Cardano (ADA) announced on twitter that they have signed a custody agreement with Coinbase exchange for Cardano.
What to Expect
The announcement presents a lot of benefits for ADA holders and investors through this partnership.
“This custody agreement allows us to offer the same secure storage solutions that can be found in traditional finance to ADA holders, without sacrificing what makes Proof of Stake blockchains special – being able to participate in the network”- stated the tweet.
The Custody partnership also helps ADA to be able to store their coins on the Coinbase “Custodys institutional-grade, battle-tested cold storage” wallet while also maintaining control over the ability to delegate stakes.
This means that ADA holders get to store their coins on the exchange and still stake with Coinbase Custody without having to worry about the security of the coin.
Whether or not this could lead to a potential listing for the ADA, we will find out not too long anymore but it’s only fair to assume it would.
Staking
This is simply the act of locking cryptocurrencies in order to receive rewards for helping secure the network and create blocks on the proof-of-stake consensus mechanism. The larger the amount of coin or token locked, the larger the reward.
Recently on Cardano
Cardano is setting up for it’s Shelly Network upgrade and has also launched the Daedalus wallet for Shelly. The blockchain summit just concluded.
