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June 28, 2022
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Cardano’s custody solution at Coinbase brings quick results

After Cardano’s custody announcement at Coinbase the currency surpassed the $ 0.10 resistance level for the first time since October 2018.

On Friday (July 3), just after the IOHK, company that develops the protocol Cardano (ADA), announcing a custody agreement with Coinbase, the price of the ADA token has exceeded $ 0.10 for the first time since October 2018, thus making ADA the sixth most valuable cryptocurrency on the market.

Yesterday, on the second day of the “Cardano Virtual Summit: Shelley Edition”, IOHK co-founder and CEO Charles Hoskinson announced that, starting in the fourth quarter of this year, Cardano’s blockchain users would be able to store their holdings of ADA at Coinbase Custody.

On Tuesday (June 30), IOHK announced that the Shelley update was released on the main network:

“OK, so… today’s missions accomplished. The Shelley-complete 1.14.2 node has now been successfully deployed to Cardano’s main network. Next stop… the virtual summit # Cardano2020 #ShelleyEdition. (P.S. Thanks to all of our amazing pioneers from the #Cardano community who brought us here @Cardano ”

Hoskinson talked about his company’s deal with Coinbase Custody, which “operates as an autonomous company with independent capitalization for Coinbase, Inc.”:

“With Cardano, we believe that we can create a revolutionary solution that will be able to offer access to finance and investment to sectors of the population that were previously excluded from the system.

“This custody agreement allows us to offer the same secure storage solutions that can be found in traditional finance for ADA holders, without sacrificing what makes Proof of Stake blockchains special – being able to participate in the network.

“We look forward to this partnership with Coinbase and to continue to bring cryptocurrencies closer to conventional adoption.”

As for Sam McIngvale, head of product at Coinbase Custody, said:

“We have followed the success of Cardano’s test network, with more than 1,000 stakes registered during the testing period.

“We are pleased to have been selected as custodians and are proud to be a full-service, regulated, comprehensive, 100% offline cryptocurrency betting provider.

“The ability to operate successfully within a regulatory framework is essential for the long-term survival of cryptocurrencies.

“We are overseen by the same regulators and maintain capital and audit requirements similar to those of a traditional financial custodian, which removes many of the perceived barriers to global crypto acceptance.”

The IOHK announcement was made on Friday (July 3). And shortly afterwards the price of the ADA had exceeded the $ 0.10 resistance level for the first time since October 2018.

The Cardano token was traded at US $ 0.11003 (an increase of 6.94% in the last 24 hours), which took the ADA to the sixth place during a certain period:

Source: cryptoglobe

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