Hong Kong police reported a surge in crypto-related scams in 2022, with losses amounting to HK$1.7 billion ($216.6 million), up 106% from the previous year. The number of crypto-related scam cases reported in Hong Kong also surged by 67% from 2021. Such scams accounted for over 50% of the HK$3.2 billion ($407 million) stolen from city residents in technology crimes. The Hong Kong police CyberDefender website reported almost 23,000 cases of technology-related crimes in 2022. The use of cryptocurrency has made it more complicated for enforcement to track criminal funds, as fraudsters can hide their identities, transactions, and final destination. (Read More)
At Coinbase, we’re focused on offering more ways for customers to earn crypto rewards. Today, we’re expanding our staking offerings to include Cardano (ADA) with plans to continue to scale our staking portfolio in 2022.
Cardano is one of the top ten most valuable cryptocurrencies by market cap. It’s a proof-of-stake blockchain designed to be a next-gen evolution of Ethereum — with a blockchain that seeks to be more flexible, sustainable, and scalable. Cardano aims to enable smart contracts to allow developers to build a wide range of decentralized finance (DeFi) apps, new crypto tokens, games, and more. When users stake their crypto, they make the underlying blockchain of that asset more secure and more efficient. And in exchange, they are rewarded with additional assets from the network, which are paid out as rewards.
While it has been possible for individuals to stake Cardano on their own, or via a delegated staking service, the process can be confusing and complicated. With today’s launch, Coinbase is offering an easy, secure way for any retail user to actively participate in the Cardano network and earn rewards.
With Coinbase staking:
You can begin earning rewards on your crypto. The current estimated annual return for Cardano staking on Coinbase is ~3.75% APY. Once your initial holding period completes (20–25 days), you’ll receive rewards in your account every 5–7 days.
You will always maintain control. Your Cardano always stays in your account; you just earn rewards while keeping your crypto safely on Coinbase. You can opt out any time you want.
The Cardano network sets the underlying return rate depending on the number of staking participants. Coinbase distributes the return to customers, less a commission.
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. You can learn more about staking rewards on Coinbase at coinbase.com/staking.
To get started, simply buy Cardano on Coinbase, or deposit Cardano to your Coinbase account from an external wallet, and you’ll start earning rewards immediately.
You can sign up for a Coinbase account here and download the iOS or Android app to start earning staking rewards today.
For eligibility criteria, please visit our support center.
*The APR rate is based on the estimated protocol rate, which is subject to change. Customers will be able to see the latest applicable rates directly within their accounts.