Cardano announces custody agreement with Coinbase, ADA token price soars

The company developing the Cardano (ADA) protocol, announced a custody agreement with Coinbase, and the price of the ADA token went over $0.10 for the first time since October 2018, thereby making ADA the sixth most valuable cryptoasset by market cap.

At the “Cardano Virtual Summit: Shelley Edition”, IOHK Co-Founder and CEO Charles Hoskinson announced that from Q4 of this year, Cardano blockchain users would be able to store their ADA holdings at Coinbase Custody “without losing the ability to delegate their stake”.

IOHK had earlier announced that the Shelley codebase had been released to Cardano’s mainnet.

With Cardano, said Hoskinson, the company believed they can create a revolutionary solution which will be able to offer access to finance and investment to swathes of the population who have previously been shut out of the system.

Sam McIngvale, Head of Product at Coinbase Custody, said: “We have been following the success of the Cardano incentivized testnet, with over a thousand registered stakepools during the testing period.”

So far in 2020, Cardano’s ADA has gone up over 206% vs. the dollar.

IOHK had kicked off the first day of the virtual summit on July 2 by announcing the launch of a $20 million fund amid the ongoing transition to Shelley era. This fund will be used in the development of startups that use Cardano and create initiatives in the blockchain’s ecosystem.

IOHK also revealed that it will be launching a decentralized identity system, Atala PRISM, Cardano’s new governance model, and Project Atlas.


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