Coinbase announces Cardano staking. Cardano price rises.

Cardano’s price jumped about 15% in response to Coinbase’s ADA staking announcement.

More @Cardano. More staking.

We have officially expanded staking offerings to include $ADA so you can begin earning rewards on your crypto!

Read more here → https://t.co/DgGBE2Kn0w
See $ADA info here → https://t.co/wy54lLRcQU pic.twitter.com/6T6ZF9FPkq

— Coinbase Assets (@CoinbaseAssets) March 23, 2022

\”Cardano is among the top ten cryptocurrencies by market capitalization. It is a blockchain on the Proof-of-Stake algorithm, developed as the evolution of Ethereum’s next generation,\” Coinbase noted.

Cardano (ADA) holders can participate in staking themselves or via delegation, but the process is complex and confusing, the exchange team says.

According to the statement, Coinbase offered a ‘simple and safe’ way to earn a passive income with an annual rate of around 3.75%. Rewards will accrue every 5-7 days, and users will be able to withdraw their assets from the service at any time.

Following the announcement, Cardano on Coinbase rose from below $1 to $1.15. At the time of writing, the coin’s price had moved back to around $1.13.

According to CoinGecko, ADA rose more than 15% in the last 24 hours, and 34.5% over the past seven days. These are the highest corresponding gains among the top-10 cryptocurrencies by market capitalization.

Earlier in December 2021, Cardano founder and IOHK chief Charles Hoskinson outlined plans for development of the blockchain project in 2022.