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Can You Stake Cardano on Coinbase?
Is Cardano Staking Supported by Coinbase?
On Mar 24, 2022, Coinbase announced that Cardano staking is supposed. It is well-known that Cardano is a decentralized third-generation proof-of-stake blockchain platform, which developed through evidence-based methods. Although people may stake Cardano individually or by delegated staking service before Coinbase supports Cardano staking, it is a little bit complicated for beginners. However, staking Cardano on Coinbase is much easier and quite secure for retail investors.
How does Cardano Staking on Coinbase Work?
The protocol of Cardano offers the holders rewards via Proof of Stake, so you can earn rewards by holding ADA. So, you deposit the Ada token to your Coinbase account. Then Coinbase can stake on your behalf to get the staking rewards for you. As a matter of fact, Coinbase helps connect eligible customers to those platforms to earn rewards from those protocols. The number of rewards is related to the Ada token that you are holding. Also, it is impacted by the frequency of blocks produced by Cardano's network.
What Is the Minimum Balance of Cardano Needed for Staking on Coinbase?
The minimum balance of Cardano(ADA) needed for staking on Coinbase is $1 worth of ADA. Once your initial holding period completes (20–25 days), you'll receive rewards in your account every 5–7 days.
What Is the APY of Staking Cardano on Coinbase?
The current estimated annual return for Cardano staking on Coinbase is ~3.75% APY. If you stake 1000 $ADA for one year, you can earn about 37.5 of $ADA.
How to Stake Cardano on Coinbase?
- Step 1: Create a free Coinbase account. Creating your account on Coinbase is easy, all you have to do is enter your name, and email, then create a secure password. After creating a Coinbase account, you'll need to verify your identity for tax purposes. Documentation such as your driver's license, the last 4 digits of your Social Security number, and date of birth is needed. Once you're verified, you can purchase and stake Cardano on Coinbase.
- Step 2: Deposit or buy some Cardano. You can transfer ADA from outer exchanges or wallets to Coinbase, or to make it simple, you can buy Cardano(ADA) on Coinbase.
- Step 3: If you're eligible for staking and meet the minimum balance needed for Cardano(ADA), you'll be automatically opted in and begin earning rewards.
- Step 4: Double Check. While Coinbase automatically enrolls eligible users into Rewards, there may be instances when you need to manually opt yourself in. For example, You're eligible to stake but don't hold the asset at the time of enrollment. To opt into Rewards on Coinbase, you need to click the "Asset tab", then in the "Earn interest" module on the right rail, click "Get Started" and follow the remaining prompts.
Top 5 Places to Stake Cardano
Except for Coinbase, there are other places that support Cardano Staking, the top 5 places to stake Cardano are as follow:
- Binance – Binance exchange is support ADA staking, the locking period is 15 days and the APY can up to 21.79%.
- Kraken – Staking ADA on Kraken can get the reward twice a week and the yearly reward is 4-6%.
- Crypto.com – Cardano (ADA) is now added to Crypto.com Soft Staking, allowing users to enjoy up to 2% p.a. on ADA deposited to and held in the Exchange.
- Yoroi Wallet – Crypto wallet is also another good way to stake Cardano, you can earn 4.62% APY by using Yoroi Wallet.
- Exodus Wallet – Staking Cardano via Exodus Wallet is simple, the rewards are up to 5% APY.