Celsius Network Announces Plans to Add Cardano (ADA) to its Supported Cryptocurrency Deposit List by Q2 2021
Celsius Network, a renowned rewards platform has announced earlier today that they are going to add Cardano (ADA) to their list of supported cryptos in the second quarter of 2021.
The cryptocurrency trading market has surged strongly in 2020. With a record rise in returns, the mainstream adoption improved significantly. This unprecedented rise also helped crypto rewards platforms to benefit as they recorded high-interest payments to clients on many deposited cryptocurrencies. The recent announcement of the Celsius Network is believed to corroborate this view.
Once Cardano is added to the Celsius Network reward platform in the second quarter of 2021, the holders of ADA will get the opportunity of earning yield in another avenue, in addition to directly staking ADA on-chain, the only option available currently to the hodlers.
Alex Mashinsky, the CEO of the Celsius Network, confirmed the news of ADA’s addition in an AMA on January 1, 2021. However, the announcement of the amount of yield offered on ADA is still not done. The Annual Percentage Yield (APY) for users within the United States by token varies from 2.53% to 16.16%. However, for the users outside the United States, the APY by token varies from 3.3% to 21.49%.
If the Celsius Network offers Cardano (ADA) at 21.49%, the amount will be 4-times than the one (usually 4-to-5.5%) offered by staking. Reports say that the announcement of including ADA by Celcius Network as one of the supported deposit cryptocurrencies will likely bring in new users to the rewards platform.
The recent announcement has brought focus on the network, which is already in the spotlight due to the listing of the network’s native token CEL on FTX earlier today.
Celsius Network’s CEO has said: “The conclusion of our audit is a great step in building greater trust and transparency for our members and for the industry at large.”
The company is on a robust mode as it has already announced a partnership with Chainalysis (a renowned blockchain analysis company) for auditing US$3.3-billion in assets.
