At Cardano Shelley Summit 2020, IOHK announced that it has signed an agreement with Coinbase Custody. According to the announcement, the users will be able to stake their ADA from Coinbase’s cold storage by Q4 of 2020.
Users will not have to give up on Ada staking with Coinbase Custody. So users can enjoy asset security of the highest-grade and can actively participate in the Cardano network. The battle-tested security of Coinbase Custody is also accompanied by quick withdrawal services. It offers a 2-hour SLA for cold-storage withdrawal during the business hours.
Regulatory advantages
It is important to note that Coinbase Custody is a regulated crypto custodian. It has an associated insurance program that protects assets like ADA. Apart from that, it is regularly audited by major security audit organizations. According to Charles Hoskinson, CEO of IOHK, an agreement like this will bring ADA and other cryptocurrencies closer to mainstream adoption. With that happening, Cardano will edge closer to its vision of banking the unbanked.
This will offer ADA holders an institutional-grade security solution. Furthermore, the users will be able to participate in the Cardano network with ADA staking. Such an arrangement ensures the intuitional investments stay in line with regulatory requirements. This will help cryptocurrencies in overcoming regulatory roadblocks that hamper its mainstream adoption.
Coinbase speaks
Coinbase Custody, Head of Product, Sam McIngvale shared that the team has been following Cardano’s ITN (incentivized testnet) success for long. They are pleased to be a custodian for the project now.
As the only 100% offline staking service provider in crypto, Coinbase Custody is able to operate within the regulatory framework. Sam believes this is very important for the mainstream adoption of cryptocurrency.
Big updates by IOHK
IOHK is aiming to replace the existing financial system across the globe with Cardano. Recently, it announced the roll-out of much-awaited Shelley-era. This will make Cardano a fully-decentralized ecosystem.
During its 2-day Cardano Shelley Summit 2020, IOHK made some major announcements. These include the $20 mn developer fund, launch of ID-management system Prism, and phase-3 of Cardano (Voltaire).
These announcements have really taken the community by surprise. Apart from this, IOHK researchers provided a deep-dive session on Ouroboros, the revolutionary PoS protocol.
