Coinbase Sparks Crypto Rallies After Listing New Altcoin Project, Adding Staking Support for Ethereum Challenger
A ‘lightweight’ blockchain focusing on privacy and connectivity is rallying after a surprise listing from Coinbase.
In a new tweet, the US-based cryptocurrency exchange says that Mina Protocol (MINA) will start trading on Coinbase Pro paired with Tether (USDT) once appropriate liquidity conditions are met.
New Asset: Coinbase will add support for Mina (MINA). Inbound transfers for this asset are now available on @Coinbase and @CoinbaseExch in the regions where trading is supported. Trading will begin on or after 9AM PT on Thurs March 24, if liquidity conditions are met. pic.twitter.com/JPzdE1mYdV
— Coinbase Assets (@CoinbaseAssets) March 23, 2022
According to the project website, MINA is “the world’s lightest blockchain” with a fixed size of 22 KB. The small size means that anyone with a smartphone can use it to connect to the internet and validate transactions.
The protocol also employs zero-knowledge (ZK) proofs to maintain the integrity of each user’s data while completing smart contracts.
News of the Coinbase listing initially sent MINA exploding upward in two waves, rising 25.4% from $2.16 to $2.71 before correcting.
Mina Protocol is currently up 2.58% on the day, trading for $2.61.
Coinbase also announces in a tweet that it’s expanding its staking roster by adding smart contract platform and Ethereum (ETH) challenger Cardano (ADA) to the list.
More @Cardano. More staking.
We have officially expanded staking offerings to include $ADA so you can begin earning rewards on your crypto!
Read more here → https://t.co/DgGBE2Kn0w
See $ADA info here → https://t.co/wy54lLRcQU pic.twitter.com/6T6ZF9FPkq— Coinbase Assets (@CoinbaseAssets) March 23, 2022
According to a new blog post, ADA stakers can earn around 3.75% APY.
Says Coinbase of the staking feature,
“You shouldn’t have to be an expert crypto trader to grow your crypto portfolio. Offering simple ways for our customers to earn crypto through staking is an important step in building an open financial system.”
At time of writing, Cardano is up 7.75% to $1.16.
ADA was trading below $0.85 just one week ago.
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