Cryptocurrency exchange Coinbase has included a staking option for Cardano’s ADA with the aim of opening it to retail clients to benefit from rewards.
The new feature enables users to earn about 3.75% APY over a 20-to-25-day holding period, where rewards are received every 5 to 7 days.
The staking option also gives clients control over their assets and rewards will be earned while the tokens are kept in the wallet safely. Users also have the option to opt out as they wish.
ADA will be the fifth token that Coinbase has added to its staking portfolio. The others are Cosmos, Algorand, Ethereum, and Tezos. The company says that plans are underway to add more assets.
Cardano is ranked among the top ten most valuable cryptocurrencies by market capitalization. Its proof-of-stake consensus seeks to enable smart contract developers to deploy dApps.
ADA is showing bullish momentum with the price currently trading above $1.10. The digital asset has recorded more gains compared to ether and Solana, which are up about 10% and 8% respectively.