Trust Wallet, a non-custodial mobile cryptocurrency wallet, announced that it now supports Cardano (ADA) staking in a Tuesday tweet.
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So far, the new staking option is available only for Android devices. Trust Wallet says that it will add support for iOS devices in the near future.
After selecting the ADA token and clicking the “Stake” button in their app, users have to pick their preferred validator in order to start the staking process.
Trust Wallet currently manages thousands of cryptocurrencies across 70 blockchains.
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The wallet was acquired by Binance back in August 2018, which was the crypto giant’s first public acquisition.
Last month, Trust Wallet introduced a browser extension that can be downloaded in Google Chrome and Opera.
Cardano introduced proof-of-stake to the popular network with the launch of the Shelley hard fork back in July 2020.
As reported by U.Today, Binance.US started supporting Cardano staking in early September. Binance enabled staking for the ADA token in early 2021.
Coinbase, the top American cryptocurrency exchange, made it possible for users to stake Cardano’s native token back in March. It said that it would offer an annual percentage yield on staked ADA of roughly 3.75%.
As a seasoned cryptocurrency enthusiast with a comprehensive understanding of blockchain technologies, decentralized finance, and mobile wallet ecosystems, I'm here to share my expertise on the recent developments in the world of cryptocurrency, particularly focusing on Trust Wallet's announcement regarding Cardano (ADA) staking.
Trust Wallet, a non-custodial mobile cryptocurrency wallet, has recently expanded its capabilities by integrating Cardano staking. This announcement, made through a tweet, signals the platform's commitment to providing users with diverse options for managing their cryptocurrencies securely. Notably, this development is currently exclusive to Android users, with plans to extend support to iOS devices in the near future.
To engage in ADA staking through Trust Wallet, users need to select the ADA token within the app and initiate the staking process by clicking the "Stake" button. A crucial step involves users choosing their preferred validator, highlighting the decentralized nature of the staking process on Trust Wallet.
Trust Wallet's significance in the cryptocurrency space is further underscored by its management of thousands of cryptocurrencies spanning across 70 different blockchains. This vast support demonstrates the wallet's versatility and its commitment to accommodating a wide array of digital assets, making it a reliable choice for cryptocurrency enthusiasts.
It's worth noting that Trust Wallet became part of the Binance ecosystem in August 2018, marking Binance's inaugural public acquisition. This strategic move aligns with Binance's aim to diversify its services and offer users a comprehensive suite of cryptocurrency-related tools.
In addition to the recent ADA staking integration, Trust Wallet introduced a browser extension compatible with Google Chrome and Opera. This extension enhances user accessibility and convenience by allowing them to interact with their cryptocurrencies seamlessly through popular web browsers.
The context of Cardano's proof-of-stake mechanism becomes relevant in this discussion. Cardano implemented proof-of-stake with the launch of the Shelley hard fork in July 2020. This upgrade was a significant milestone for Cardano, transitioning it to a more sustainable and decentralized network consensus model.
Furthermore, Trust Wallet's move into ADA staking follows a broader trend in the cryptocurrency industry. Binance.US, a prominent cryptocurrency exchange, began supporting Cardano staking in early September, while Binance itself enabled ADA staking earlier in 2021. Coinbase, a leading American cryptocurrency exchange, introduced staking for Cardano's native token in March, offering users an annual percentage yield of around 3.75%.
In conclusion, the integration of Cardano staking into Trust Wallet, along with its extensive cryptocurrency support and strategic alignment with Binance, positions Trust Wallet as a key player in the evolving landscape of mobile cryptocurrency wallets and decentralized finance. This move also reflects the broader industry trend of major exchanges and wallets embracing staking as a feature to attract and retain users in the competitive crypto space.
