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- Cardano ADA took the crypto market by fire, when it was included in the top 10 list of best performing cryptocurrency tokens considered per market capitalisation.
- IOHK had announced that it has partnered with the Coinbase Custody in order to facilitate the listing of its ADA token later in the year.
- As a result for the first time since October 2018 the price of ADA went up to $0.10 which made it the sixth most valuable asset.
Cardano ADA took the crypto market by fire, when it was included in the top 10 list of best performing cryptocurrency tokens considered on the basis of market capitalisation.
In a recent tweet by IOHK had announced that it has partnered with the Coinbase Custody to facilitate the listing of its ADA token later in the year.
As a result for the first time since october 2018, ADA went up to $0.10. The price hike made it the sixth most valuable asset in terms of market capital as mentioned above.
Today at #Cardano2020 we announced IOHK has signed a custody agreement with Coinbase for #Cardano. 1/4
— Input Output Media (@IOHKMedia) July 3, 2020
Shelley Update Successfully Included In The Mainnet
On June 30, Shelley update was successfully included to Cardano’s mainnet and that their next goal was the Cardano Virtual Summit. In Cardano Virtual Summit: Shelley Edition, which was held recently Charles Hoskinson.
IOHK Co-Founder had unveiled that starting from the last quarter the Cardano Blockchain users will be allowed to store ADA stakes in Coinbase Custody. The main advantage will be that the users can store without actually losing the power to delegate their stake.
The ADA staking on Coinbase is more likely to begin by Q4, 2020 as per the announcements made during the Cardano Virtual Summit.
How Does the Partnership Benefit IOHK and Coinbase?
Hoskinson clarified that this partnership with Coinbase Custody works as a standalone and independent capitalized business to Coinbase. He further said that he believes business ventures with Coinbase will allow them to create a new and upgraded solution.
The solution will be able to offer financial services as well as investment to the group of people who had been previously shut out of the system. The agreement will allow them to give the same storage features to the ADA users without hampering their ability to participate in the network.
Cardano looks forward to making cryptocurrency and blockchain a more mainstream technology. The head of product at Coinbase Custody, Sam McIngvale said that they were pleased to serve as the company’s custodian in this partnership.
Recently, on July 2, IOHK had also announced the launch of cFund in collaboration with Wave Financial Group. It is estimated that the Cardano Virtual Summit was attended by almost 10,000 which makes it one of a kind Blockchain conference.
