This is the news that many people have been waiting for! During the second day of the Cardano virtual summit it was announced that you will be able to stake ADA at Coinbase.
This deal will allow Cardano users to deposit and also stake Cardano, all-the-while being able to keep their assets safely secured in cold wallet. IOHK announced that this will officially launch sometime this Fall, after the staking rewards of Cardano's Shelley mainnet have become available.
The first Cardano staking rewards will be distributed on August 15th, so anytime after this is possible.
While I would never use Coinbase for staking as they charge far too high of fees. I still think think this is fantastic news because like it or not, Coinbase is the most mainstream of all the exchanges out there, and the more staking options, the better.
But the far bigger news that also comes with this is the fact that this means that Cardano will now almost definitely be launching as a coin on Coinbase. After all, why would they allow staking, without adding the ability to buy and sell the coin as well.
I have already been extremely bullish for the short-term price of Cardano with the release of the Shelley upgrade. But this news has made me even more bullish. After all, every time a coin is added to Coinbase, there is the added "Coinbase price effect." Most recent examples of this has been with OmiseGo, and also COMPOUND.
When OmiseGo was listed, the price of the coin went up over 120%. And when Compound was listed, at the time a completely unknown coin, it went up over 340%. While it has come down a little now while it is discovering its real price. You can't deny the effect that Coinbase has on the listing of new coins.
Things are looking extremely bullish right now for the price of Cardano, with the current Shelley roll-out, the ability to stake, a large amount of news coming out of the Cardano virtual summit, and also now that you'll be able to stake at Coinbase, with the coin listing there now being almost a certainty.
One interesting part to this story is that it was revealed that IOHK has been working with Coinbase on this since 2019. Which also helps to explain the countless rumors that have been out there that were saying Cardano was coming to Coinbase. Just like the famous phrase,"Where there is smoke, there is fire." I think that also applies here.
I for one am really excited about this news, and just makes me even more bullish for the price of Cardano. Perhaps with the release of Shelley, and then going to Coinbase could push the price of ADA to $0.20-0.25 in my opinion.
What do you think of this news? Are you excited to use Cardano staking at Coinbase? Will you be buying the coin there? Or are you just excited for the effect this will eventually have on the price of Cardano!?
As always, thank you for reading!