Cryptocurrencies gained momentum last year as market participants recorded huge returns and mainstream adoption increased significantly.
Crypto reward platforms have also benefited from these developments, drawing attention to record high interest payments on a large number of cryptocurrencies deposited with customers.
Cardano being added
The rewards platform Celsius Network announced earlier today that it will add Cardano [ADA] to the list of supported cryptocurrencies in the second quarter of 2021.
This will give ADA holders the opportunity to earn returns in another area, which is currently the only option, in addition to staking ADA directly on-chain.
Celsius CEO Alex Mashinsky confirmed that the ADA was added at an AMA on January 1, but the amount of returns offered in the ADA has not yet been disclosed.
In Celsius, the APY range ranges from 2.53% to 16.16% for users within the US, and 3.3% to 21.49% for users outside of the USA.
Most users noted that the proposed APY would be on the higher side to justify the risk of off-chain staking, especially since they think ADA is a PoS coin already paying stakers between 4-5.5%.
Can bring new users
This announcement can bring new users to Celsius; this is already on the agenda after the network’s local token CEL was listed on FTX earlier today.
Last month, the company announced a partnership with blockchain analytics firm Chainalysis to audit $ 3.3 billion in assets.
“The outcome of our audit is a huge step forward in building more trust and transparency for our members and the industry in general,” Mashinsky says.