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Cardano (ADA) users can now store and deposit their assets in the Coinbase Custody cold wallet


Input Output Hong Kong (IOHK), a blockchain research company behind the Cardano cryptocurrency, has made an announcement about the partnership with Coinbase Custody.

From now on, Cardano users will be able to store and bet ADA tokens in Coinbase's 'institutional grade' cold wallet.

Charles Hoskinson has high praise for Coinbase

The link became the highlight of the second day of the IOHK virtual summit to be held from July 2 to 3.

While commenting on the news, IOHK CEO Charles Hoskinson expressed his hope that Coinbase will become the custodian of choice for many institutional ADA holders.

Hoskinson praised the San Francisco-based company for its "safety and competence":

"I have been in space long enough to see things like Mt.Gox, and I have been in space long enough to see numerous exchange issues occur every year, and it is refreshing to see that there is one organization that cares deeply for safety, which cares deeply about quality experiences and really gives people time of day to work with them. "

Since Coinbase Custody opened in 2018, it has managed to accumulate more than $ 7 billion in assets under management.

Shelley update is near

ADA holders can delegate their tokens to stake groups while keeping them secure with the help of Coinbase Custody.

As recently reported, the Shelley testnet, which started operating in December 2019, was available to all pool operators last month.

Cardano will wrap up her transition to Shelley with the launch of her hard mainnet fork that is scheduled for July 29.

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