Publicly traded cryptocurrency and blockchain investment company iMining (TSXV: IMIN) has announced the expansion of its cryptocurrency staking service after adding Cardano (ADA) to its offering.
In a press release, the company said ADA’s addition would offer holders convenient infrastructure through the iMining stake pool without the need for specialized equipment.
According to iMining’s board chairman, Khurram Shroff, the platform incorporated Cardano staking due to the asset’s flexibility, stating it’s an ideal option to earn passive income in the cryptocurrency market.
“With other digital assets, staking means you agree to lock up your tokens for a certain period, during which they cannot be spent. However, this is not the case with Cardano, making it an excellent option for those who would prefer flexibility but would still like to exercise the range of choices available to them in the crypto space,” said Shroff.
The company noted that its mission is to push for the ‘HODL’ strategy with continued diversification of the iMining ecosystem. In addition, the strategy is part of promoting the wide-scale adoption of cryptocurrencies.
Before incorporating ADA staking, iMining solely focused on Ethereum staking.
Increasing interest in Cardano
ADA’s incorporation into the iMining ecosystem adds to the increasing activity around the Cardano blockchain. The network has witnessed an increase in ADA’s value alongside real-world case application of the network.
The ADA’s price surge has resulted in about 6,710 millionaire investors between January 1 and May 17, 2021, representing a growth of 1,231%. Furthermore, between January 1 and April 28, 2021, the number of ADA active addresses grew 417.81%, with the transaction count surging 382.84% during the same period.
The network has also received further attention after Cardano signed a deal with the Ethiopian government to streamline the country’s education system. Furthermore, Cardano has recently attained a 100% block development decentralization.