Crypto rewards networks that benefit from these advances, noting record high-interest fees to clients on various deposited cryptocurrencies.
Rewards platform, Celsius Network announced earlier today that it will be adding Cardano [ADA] to the list of supported cryptocurrencies in Q2 of 2021.
This will allow ADA holders the ability to gain a return on another path, in addition to directly linking ADA to the chain, which is currently the only alternative.
Celsius CEO Alex Mashinsky reported the addition of ADA to the AMA on 1 January, but the amount of yield provided to ADA has not yet been announced.
On Celsius, the APY spectrum ranges by token from 2.53 per cent to 16.16 per cent for U.S. users and from 3.3 per cent – 21.49 per cent for non-U.S. users. If they sold Cardano at 21.49 per cent, it will be 4 times the price they offered.
Most users have speculated that the APY offered will be on the higher side to justify the risk of ADA off-chain, particularly provided that ADA is a PoS coin that already pays between 4-5.5 per cent to the stakeholder.
This announcement could introduce new users to Celsius, which is still in the spotlight after the network’s native CEL token has been listed on FTX earlier today.
Last month, the company announced a partnership with blockchain analysis company Chainalysis for the audit of $3.3 billion in assets.
“The conclusion of our audit is a great step in building greater trust and transparency for our members and for the industry at large,” stated Mashinsky.
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