By Solomon Odunayo
IOHK, the Cardano (ADA) developer has announced a partnership with Coinbase Custody, a cold storage provider managed by the well-known crypto exchange, to allow users to store and stake the digital token ADA.
The new development was announced at the virtual summit day 2. According to the report, the aim of the collaboration is to make storing and staking ADA possible for Coinbase users, while their assets are safely stored in cold wallets.
The announcement stated that it will be made available, after staking rewards on Cardano (ADA) Shelley mainnet goes live.
The roll-out of Shelley was announced about two days and was reaffirmed during the first day of the Shelley Virtual Summit that commenced on 2nd July 2020, where many other major innovations were announced. The latest upgrade to the Cardano network is expected to bring full decentralization and scalability to the blockchain platform.
Charles Hoskinson, the CEO of IOHK said in a statement:
“With Cardano, we believe we 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.”
Hoskinson furthered that the latest custody agreement will open the door for IOHK to provide institutional-grade storage for Cardano (ADA) users, without compromising their ability to participate in the network.
As aforementioned, the birth of Shelley is starting to give rise to new innovations, as announced during the virtual summit that will end today.
The firm yesterday announced the launch of a $20 million technology ecosystem fund in partnership with Wave Financial Group, the first venture fund to support the adoption of IOHK platforms and Cardano (ADA).
Conclusively, the Shelley upgrade will undergo a hard fork in July, followed by the first staking rewards, which will be made ready for Coinbase Custody in August 2020.