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Bad News for Algorand: Did ALGO Get Affected After the Termination of Coinbase Staking Rewards?

  • Coinbase has ended Algorand’s reward program.
  • Despite the development, ALGO has not been negatively affected.
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Algorand [ALGO] may be the latest victim of the SEC’s constant pressure on multiple exchanges. According to a recent announcement, ALGO stakes will no longer be incentivized by Coinbase.

The spreading effect of Coinbase’s announcement

On March 22, Staci Warden, CEO of the Algorand Foundation, announced that Coinbase had ended its rewards for ALGO. Additionally, the company would no longer support ALGO incentives for retail users due to its reevaluation of offers in light of increased regulatory scrutiny.

Coinbase, a US-based cryptocurrency exchange and stake provider, announced on Thursday night that it had been accused of violating laws related to offering staking services by regulators. The regulators sent a “Wells Notice” to Coinbase, informing the company that they planned to take action soon. Coinbase had taken on the role of service provider with Algorand, distributing stake rewards between the protocol and its users.

The status of Coinbase and Algorand stakes

In addition to the decision to take action, the SEC noted that Coinbase had violated the spot market, Coinbase Prime staking service, and Coinbase Wallet. Coinbase stated on March 22 that it had provided a witness on the essential features of staking services and the basic operation of the trading platform and prepared documents. Additionally, support will be provided to Algorand users who wish to play an active role in management. Furthermore, it will continue to offer ALGO trading to all customers and provide Management Rewards to Institutional Investors.

Algorand (ALGO) staking statistics

According to staking rewards, ALGO has been staked at 51.92%. The total market value was over $1.5 billion, and the market value of staked ALGO was over $836 million. According to CoinMarketCap, there were approximately seven billion coins in circulation. Additionally, volume has decreased by over 30% in the last 24 hours.

ALGO price movement

The daily price trend of ALGO has fluctuated between gains and losses in recent times. It was currently trading at around $0.21 and had increased by approximately 1% at the time of writing. The latest development did not affect the price movement.

Algorand (ALGO) price movement
Algorand (ALGO) price movement

Staking services on exchanges like Algorand can be shut down if regulatory scrutiny increases. US investors may be prohibited from benefiting from staking and other services when the regulatory base is not improving.

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Marisol Navaro
Marisol Navarohttps://en.coinotag.com/
Marisol Navaro is a young 21-year-old writer who is passionate about following in Satoshi's footsteps in the cryptocurrency industry. With a drive to learn and understand the latest trends and developments, Marisol provides fresh insights and perspectives on the world of cryptocurrency.
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