ADA Rallies as Coinbase Offers 3.75% APY for Staking Cardano

Source: AdobeStock / concept w

Cardano (ADA), a so-called “Ethereum Killer,” has broken above the USD 1 mark following the news that major crypto exchange Coinbase would expand staking offerings to include the cryptocurrency.

Looking at the price at 10:02 UTC, over the past 24 hours, the seventh coin by market capitalization ADA has rallied to USD 1.13, gaining 16.5%. In the past week, the price is up by 35.3%.

ADA 7d price chart. Source: coingecko.com

The rally comes as US-based cryptocurrency exchange Coinbase is slated to offer around 3.75% annual percentage yield (APY) for staking ADA.

Prior to this, individuals had the option to stake cardano either on their own or via a delegated staking service. However, the process may have been confusing.

“With today’s launch, Coinbase is offering an easy, secure way for any retail user to actively participate in the Cardano network and earn rewards,” Coinbase said in the official statement.