To transfer Cardano ADA from a platform like Venmo to an external wallet, it’s crucial to understand a fundamental limitation: Venmo does not directly support cryptocurrency transfers to external wallets. Venmo allows users to buy, hold, and sell a limited selection of cryptocurrencies, but these assets are kept within their closed ecosystem. Think of it like a walled garden – you can enjoy what’s inside, but you can’t take it out. This means a direct “transfer” button from Venmo to a private Cardano wallet simply doesn’t exist.

Here are the detailed steps you’d typically follow to achieve a similar outcome, essentially “moving” your crypto value from Venmo’s ecosystem to an external wallet, albeit through a few intermediaries:

Sell Your Cardano ADA on Venmo:
- Open your Venmo app.
- Navigate to the “Crypto” section.
- Select Cardano ADA from your holdings.
- Choose the option to “Sell” your ADA. You’ll convert your ADA back into USD within your Venmo balance.
- Confirm the sale.
Withdraw USD from Venmo to Your Bank Account:
- From your Venmo balance, initiate a transfer of the USD funds to your linked bank account.
- You can often choose between an instant transfer for a small fee or a standard transfer which typically takes 1-3 business days and is usually free.
Create an Account on a Cryptocurrency Exchange that Supports Cardano and External Transfers:
- You’ll need an account on a reputable cryptocurrency exchange that allows you to buy Cardano and, crucially, supports withdrawals to external wallets. Examples include Coinbase, Binance, Kraken, or Crypto.com.
- If you don’t have one, sign up, complete the KYC Know Your Customer verification process, which usually involves providing ID and sometimes proof of address. This is a non-negotiable step for security and regulatory compliance.
Deposit USD from Your Bank Account to the Chosen Exchange:
- Link your bank account to your new crypto exchange account.
- Initiate a USD deposit from your bank account to the exchange. This is where the funds you just withdrew from Venmo will go.
Purchase Cardano ADA on the Cryptocurrency Exchange:
- Once your USD funds are settled on the exchange, navigate to the trading section.
- Search for the ADA/USD or ADA/USDT if you’re using stablecoins trading pair.
- Place a buy order for Cardano ADA using your deposited USD.
Set Up or Access Your External Cardano Wallet:
- If you don’t already have one, download and set up a secure, non-custodial Cardano wallet. Popular and recommended options include Daedalus Wallet full node desktop wallet or Yoroi Wallet light wallet browser extension/mobile app. Ensure you download from the official sources to avoid scams.
- Crucially, back up your recovery phrase seed phrase in a secure, offline location. This is the master key to your funds. if you lose it, your ADA is gone.
Transfer Cardano ADA from the Exchange to Your External Wallet:
- On the cryptocurrency exchange, go to your Cardano ADA holdings.
- Select the “Withdraw” or “Send” option.
- Copy the exact receiving address from your external Cardano wallet e.g., Daedalus or Yoroi. Double-check this address meticulously. A single wrong character means your funds could be permanently lost on the blockchain.
- Paste the address into the exchange’s withdrawal field.
- Enter the amount of ADA you wish to transfer.
- Review all details carefully, including any network fees.
- Confirm the withdrawal. You may need to complete a 2FA Two-Factor Authentication step for security.
Verify the Transfer:
- Check your external Cardano wallet. The ADA should appear in your balance after a few minutes, depending on network congestion. You can also track the transaction on a Cardano block explorer using the transaction ID provided by the exchange.

Remember, this process involves multiple steps and different platforms because Venmo functions more like a custodial crypto service where you don’t have direct control over your private keys, unlike a non-custodial external wallet.

Always prioritize security, use official sources, and double-check addresses when dealing with cryptocurrencies.

Table of Contents

Understanding the Landscape: Venmo and Cryptocurrency Limitations

When into the world of cryptocurrency, especially when considering platforms like Venmo, it’s vital to grasp the core differences between custodial and non-custodial services. Venmo, like many mainstream payment apps that have dabbled in crypto, operates primarily as a custodial service. This means they hold the private keys to your cryptocurrency on your behalf. While convenient for buying and selling, it severely limits your ability to move your digital assets freely to external wallets, which is a hallmark of true cryptocurrency ownership. This setup is a significant hurdle when you want to transfer Cardano ADA from Venmo to a personal wallet.

Custodial vs. Non-Custodial Wallets: A Crucial Distinction

The entire premise of transferring Cardano from Venmo to an external wallet hinges on understanding the difference between custodial and non-custodial services.

Custodial Wallets e.g., Venmo, PayPal, Robinhood:
- Definition: The platform the custodian holds your private keys. You technically own the crypto, but you don’t have direct control over it. It’s like having money in a bank account – the bank holds it, not you, though you can spend it.
- Pros: User-friendly, often integrated into existing payment apps, convenient for quick buying/selling, no need to worry about losing private keys yourself.
- Cons: Lack of true ownership not your keys, not your crypto, limited functionality cannot send to external wallets, interact with DeFi, or stake, risk of platform hacks or freezes, subject to platform’s terms and conditions. Your funds are commingled with others, and if the platform goes bankrupt or is compromised, your access could be jeopardized. In 2022, cryptocurrency platforms faced numerous challenges, with some, like Celsius and FTX, filing for bankruptcy, impacting millions of users who held assets on these custodial platforms.
- Venmo’s Stance: Venmo explicitly states: “Crypto assets cannot be transferred to other Venmo users or to wallets outside Venmo.” This is the core reason why direct transfers are impossible.
Non-Custodial Wallets e.g., Daedalus, Yoroi, Trezor, Ledger:
- Definition: You the user hold the private keys and have full control over your funds. This is the essence of decentralized finance.
- Pros: Complete control and ownership of your assets, ability to send/receive crypto freely, interact with decentralized applications dApps, stake your ADA for rewards, enhanced security if managed properly.
- Cons: Higher responsibility if you lose your private keys/seed phrase, your funds are gone forever, steeper learning curve for beginners, potential for user error. For example, in 2023, reports indicated that over $200 million in crypto was lost due to user errors, including incorrect wallet addresses or forgotten seed phrases.

The moment you want to truly “own” your Cardano and engage with the broader Cardano ecosystem staking, DeFi, dApps, a non-custodial wallet is essential.

This is why the process described in the introduction involves an intermediate step through a full-fledged crypto exchange.

Why Venmo Doesn’t Allow Direct Transfers

The reasons Venmo restricts direct crypto transfers are multifaceted and primarily revolve around regulation, security, and their business model.

Regulatory Compliance: Sending crypto to external wallets requires robust AML Anti-Money Laundering and KYC Know Your Customer procedures for each transaction, which is complex and costly to implement for every user on a platform designed for peer-to-peer payments. By keeping crypto in a closed loop, Venmo simplifies its regulatory burden. According to a 2023 report by Chainalysis, global cryptocurrency transaction volume reached an estimated $10 trillion, making regulatory oversight a paramount concern for financial institutions.
Security Concerns: Allowing external transfers introduces a host of new security risks, including phishing scams, incorrect addresses, and vulnerability to external attacks on users’ devices. Keeping assets within their system allows them to control the security environment.
Business Model: Venmo’s primary business is peer-to-peer payments and, increasingly, merchant payments. Their foray into crypto is often about user acquisition and retention, not about becoming a full-fledged crypto exchange. By restricting transfers, they encourage users to keep funds within their ecosystem, where they can potentially generate revenue from trading fees or other services.
Simplicity for Users: For many users, the complexity of managing private keys and understanding blockchain addresses is daunting. A custodial model offers a simpler, “set it and forget it” approach, which aligns with Venmo’s casual user base.

Understanding these limitations is the first step toward devising a viable strategy to move your Cardano value from Venmo to a wallet where you have full control.

The Indirect Path: Selling on Venmo and Re-Purchasing on an Exchange

Since direct transfers from Venmo are a non-starter, the practical solution involves a two-stage process: liquidating your Cardano on Venmo and then re-acquiring it on a platform that does support external transfers. This isn’t ideal due to potential fees and price volatility, but it’s the only functional workaround.

Step 1: Selling Your Cardano ADA on Venmo

This initial phase involves converting your digital assets back into traditional fiat currency within the Venmo platform. How to transfer Cardano to wallet coinbase

Accessing Your Crypto Holdings:
- Launch the Venmo app on your mobile device.
- From the main screen, look for the “Crypto” tab or section, usually found at the bottom navigation bar or within your profile settings.
- Tap on your Cardano ADA balance to view its current value and options.
Initiating the Sale:
- Within the Cardano section, you’ll find options like “Buy,” “Sell,” and potentially “Hold.” Select “Sell.”
- You will be prompted to enter the amount of ADA you wish to sell. You can choose to sell a specific dollar amount or a specific quantity of ADA. It’s often advisable to sell the full amount if your goal is to move all your Cardano value off Venmo.
- Venmo will display the current market price, the estimated USD you will receive, and any applicable fees. As of recent data, Venmo’s crypto fees typically range from 0.50% to 2.3% per transaction, depending on the dollar amount. For transactions between $1 and $25, the fee is usually $0.50. For larger transactions, it’s a percentage. For example, a $1,000 ADA sale might incur a fee of $10 to $23.
Reviewing and Confirming the Sale:
- Carefully review all the details on the confirmation screen: the amount of ADA being sold, the resulting USD amount, and the fees.
- Once you’re satisfied, confirm the transaction. The USD equivalent will be added to your Venmo balance, typically almost instantly.

Step 2: Withdrawing USD from Venmo to Your Bank Account

Once your crypto is converted to USD within Venmo, the next logical step is to move that fiat currency to a financial institution that can then fund your purchase on a proper cryptocurrency exchange.

Navigating to Your Venmo Balance:
- From the Venmo home screen, tap on your main Venmo balance.
- You’ll see options to “Add Money” or “Transfer to Bank.” Select “Transfer to Bank.”
Choosing a Transfer Method:
- Standard Transfer: This is usually free and takes 1-3 business days for the funds to arrive in your linked bank account. This is the most common and cost-effective option for larger amounts where time isn’t critical.
- Instant Transfer: This option carries a fee, typically 1.75% of the transferred amount with a minimum fee of $0.25 and a maximum of $25.00, but the funds arrive in your bank account within minutes. If you’re in a hurry to capitalize on a specific ADA price, this might be considered, but the fees can add up.
Confirming the Withdrawal:
- Enter the amount of USD you wish to transfer.
- Select your linked bank account. If you haven’t linked one, you’ll need to do so, which involves providing your bank’s routing and account numbers.
- Review the transfer details, including any fees, and confirm. You will receive a notification once the transfer is complete.

This two-step process on Venmo effectively extracts the value of your Cardano out of their closed system and back into a form USD in your bank account that can be used on other platforms.

While seemingly straightforward, it’s crucial to be aware of the market volatility of Cardano.

The price of ADA could fluctuate significantly between the time you sell on Venmo and when you repurchase on an exchange, potentially impacting the total amount of ADA you can acquire. How to convert usdc to Cardano on coinbase

For instance, if ADA drops 5% between your sale on Venmo and your repurchase on Coinbase, you’ll acquire 5% more ADA for the same USD amount.

Conversely, if ADA rises 5%, you’ll acquire 5% less.

This “spread” risk is an inherent part of this indirect transfer method.

Choosing the Right Cryptocurrency Exchange for Cardano Transfers

Once your funds are safely back in your bank account, the next critical step is to select a reputable cryptocurrency exchange that not only supports Cardano ADA but also facilitates transfers to external, non-custodial wallets. This is where you regain control over your assets.

Key Factors in Selecting an Exchange

Not all exchanges are created equal, and choosing the right one can save you headaches, fees, and potential security risks. Consider these factors:

Cardano ADA Support: This is non-negotiable. Ensure the exchange lists ADA and has sufficient trading volume for it. Most major exchanges do.
Withdrawal Capabilities: Crucially, the exchange must allow withdrawals of ADA to external blockchain addresses. Double-check their terms of service or FAQ sections.
Reputation and Security:
- Regulatory Compliance: Choose exchanges that are regulated in your jurisdiction e.g., licensed by FinCEN in the US. This offers a layer of protection.
- Security Measures: Look for exchanges with strong security protocols, including Two-Factor Authentication 2FA, cold storage for a significant portion of assets, and regular security audits. Reputable exchanges like Coinbase and Binance have invested hundreds of millions into cybersecurity infrastructure.
- Track Record: Research their history regarding hacks, downtime, or customer service issues.
Fees:
- Trading Fees: These are fees for buying and selling crypto. They can be flat fees or tiered based on your trading volume. Many exchanges use a “maker-taker” model. Coinbase, for example, has trading fees ranging from 0.05% to 0.60%, depending on volume. Binance’s spot trading fees can be as low as 0.1%.
- Deposit/Withdrawal Fees: Check fees for depositing USD from your bank and, more importantly, for withdrawing ADA to an external wallet. Cardano network transaction fees are typically very low often less than 0.2 ADA, but exchanges might add their own processing fees.
User Experience UX: A user-friendly interface is important, especially if you’re new to crypto exchanges. Look for intuitive navigation and clear instructions.
Customer Support: Responsive and helpful customer support can be invaluable if you encounter issues. Check their support channels live chat, email, phone and response times.

Top Recommended Exchanges for Cardano ADA

Based on these criteria, here are some of the most popular and reliable exchanges that support Cardano and allow external withdrawals:

Coinbase:
- Pros: Highly reputable, publicly traded COIN on Nasdaq, excellent security, user-friendly interface, strong regulatory compliance in the US.
- Cons: Often higher fees compared to some competitors, especially for simpler “buy” transactions. More advanced traders can use Coinbase Pro now Coinbase Advanced Trade for lower fees.
- ADA Support: Yes, supports buying, selling, and withdrawing ADA.
Binance Binance.US for US users:
- Pros: Largest exchange by trading volume globally, very wide selection of cryptocurrencies, competitive trading fees, robust features for advanced traders.
- Cons: Can be overwhelming for beginners, regulatory scrutiny in some regions. Binance.US has a more limited coin selection and higher fees than the global platform.
- ADA Support: Yes, comprehensive support for ADA trading and withdrawals.
Kraken: How to convert cash app balance to Cardano
- Pros: Strong security focus, competitive fees especially for Kraken Pro, excellent customer support, supports staking for various cryptocurrencies including ADA directly on the platform.
- Cons: Interface might be less intuitive for absolute beginners than Coinbase.
- ADA Support: Yes, including ADA staking options.
Crypto.com:
- Pros: User-friendly mobile app, competitive trading fees on their exchange platform less so on the app, offers a range of crypto products cards, DeFi services.
- Cons: Fees can be higher on the main app compared to their dedicated exchange, which requires a separate sign-up.
- ADA Support: Yes, widely supported.
KuCoin:
- Pros: Large selection of altcoins, generally lower fees, often first to list newer projects.
- Cons: Less regulatory oversight in some regions, not available to US residents for certain functionalities without a VPN, can be more complex for beginners.
- ADA Support: Yes.

Recommendation: For most users in the US, Coinbase or Kraken are excellent starting points due to their strong regulatory standing, security, and ease of use. If you’re a more experienced trader or outside the US, Binance offers unparalleled liquidity and coin selection. Always conduct your own research before committing to an exchange, read recent reviews, and understand their terms of service.

Funding Your Exchange Account and Buying Cardano ADA

With your chosen exchange account set up and verified, the next step is to get your funds from your bank account onto the exchange and then use them to purchase Cardano.

This process bridges the gap between traditional finance and the crypto world.

Step 1: Depositing USD from Your Bank to the Exchange

This is essentially reversing the withdrawal process you did from Venmo, bringing your fiat currency onto the crypto platform.

Navigate to the Deposit Section:
- Log in to your chosen cryptocurrency exchange e.g., Coinbase, Kraken.
- Look for a “Deposit,” “Add Funds,” or “Wallet” section. You’ll typically find an option to deposit fiat currency USD, EUR, etc..
Choose Your Deposit Method:
- Bank Transfer ACH/SEPA/Wire: This is the most common and often the cheapest method for depositing larger sums.
  - ACH Automated Clearing House for US: Usually free for deposits, but can take 3-5 business days for funds to clear and become available for withdrawal. Example: Coinbase offers free ACH deposits, but you might have to wait a few days before you can withdraw crypto purchased with those funds.
  - SEPA Single Euro Payments Area for Europe: Similar to ACH in terms of speed and cost.
  - Wire Transfer: Faster often same-day or next-day, but typically incurs higher fees, both from your bank and the exchange. For instance, a wire transfer might cost $10-$30. Use this if speed is paramount for a large transaction.
- Debit Card: Instant deposits, but usually come with higher fees e.g., 3-4% on Coinbase compared to bank transfers. Only recommended for small, urgent purchases.
- Other Methods: Some exchanges might offer PayPal, Google Pay, or Apple Pay, though these often have higher fees or lower limits.
Link Your Bank Account if not already done:
- The exchange will provide instructions to link your bank account. This often involves securely logging into your bank through a third-party service like Plaid or manually entering your bank’s routing and account numbers.
- For manual linking, the exchange might send small test deposits e.g., two deposits of $0.12 and $0.07 to your account, which you’ll need to verify on the exchange platform.
Initiate the Deposit: How to convert visa gift card to Cardano
- Enter the amount of USD you wish to deposit.
- Confirm the transaction. The funds will typically appear in your exchange’s USD balance once the transfer is complete instant for debit card, days for ACH.

Step 2: Purchasing Cardano ADA on the Exchange

Once your USD funds are settled and available, you can proceed to buy Cardano.

Navigate to the Trading Section:
- On the exchange platform, look for a “Trade,” “Buy Crypto,” or “Markets” section.
- Search for “ADA” or “Cardano.” You’ll usually see trading pairs like “ADA/USD” or “ADA/USDT” if using Tether as a stablecoin. Select the appropriate pair.
Choose Your Order Type:
- Market Order: This is the simplest option. You specify the amount of ADA you want to buy or the USD amount you want to spend, and the exchange immediately executes your order at the best available market price. This is fast but doesn’t guarantee a specific price.
- Limit Order: This allows you to set a specific price at which you want to buy ADA. Your order will only execute if the market price reaches your specified limit. This is useful for securing a desired entry price but means your order might not fill immediately or at all if the price doesn’t hit your limit.
- Example: If ADA is trading at $0.30, and you place a market order for $100 worth of ADA, you’ll get roughly 333 ADA minus fees. If you place a limit order at $0.28, your order will only execute if ADA drops to $0.28 or lower.
Enter the Amount:
- Specify how much Cardano you want to buy. You can typically enter this as a USD amount e.g., “$500 worth of ADA” or as a specific quantity of ADA e.g., “1000 ADA”.
- The exchange will show you the estimated amount of ADA you’ll receive and the total cost, including trading fees.
Review and Confirm:
- Double-check all the details of your order.
- Confirm the purchase. Your newly acquired Cardano ADA will now appear in your exchange’s crypto wallet balance.

Important Note on Volatility: The cryptocurrency market is highly volatile. The price of Cardano can change rapidly. If you sell on Venmo and wait several days for funds to clear at your bank and then on the exchange, the ADA price might have moved significantly. This “slippage” or price change is an inherent risk of this indirect transfer method. Always be mindful of market conditions. For example, if you sell $1000 worth of ADA on Venmo when ADA is $0.30 getting 3333 ADA, and then repurchase when ADA is $0.32, your $1000 will only buy you 3125 ADA, resulting in a loss of 208 ADA units.

Securing Your Cardano: Choosing and Setting Up an External Wallet

Once you’ve successfully purchased Cardano ADA on a reputable exchange, the next crucial step is to move it off the exchange and into a secure, non-custodial wallet.

This is where you truly take ownership of your assets, holding the private keys yourself.

This step is fundamental to crypto security and privacy.

Why Use a Non-Custodial Wallet?

True Ownership: “Not your keys, not your crypto.” When your crypto is on an exchange, you don’t directly control it. If the exchange is hacked, goes bankrupt, or freezes your account, your funds are at risk. History is rife with examples, such as the FTX collapse in 2022, where users lost billions because their assets were held custodially.
Enhanced Security: With a non-custodial wallet, you control the security of your funds. While this means more responsibility, it also means your assets are not vulnerable to centralized exchange hacks.
Participation in the Ecosystem: Non-custodial wallets allow you to stake your ADA for passive rewards, interact with decentralized applications dApps on the Cardano blockchain, and participate in governance.
Privacy: Transactions from non-custodial wallets are pseudonymous, offering more privacy than transactions from an exchange, which are linked to your KYC-verified identity.

Types of Cardano Wallets

Cardano offers several excellent non-custodial wallet options, catering to different preferences and security needs. How to transfer Cardano through cash app

Software Wallets Hot Wallets:
- Definition: Applications installed on your computer or mobile device. They are “hot” because they are connected to the internet.
- Pros: Convenient, easy to use, free.
- Cons: More susceptible to online threats malware, phishing if your device is compromised. Only store amounts you actively use here, similar to carrying cash in your physical wallet.
- Recommended Cardano Software Wallets:
  - Daedalus Wallet: This is the official full-node wallet developed by IOHK Input Output Hong Kong, the company behind Cardano.
    - Features: Downloads the entire Cardano blockchain, offering maximum security and decentralization. Allows for staking and voting.
    - System Requirements: Requires significant disk space hundreds of GBs and growing and RAM, as it’s a full node.
    - Best For: Users who prioritize maximum security and decentralization, have ample storage, and want to support the network as a full node.
    - Download From: Daedalus Wallet Official Site Always verify the URL!
  - Yoroi Wallet: A light wallet developed by Emurgo, another founding entity of Cardano.
    - Features: Available as a browser extension Chrome, Firefox, Edge, Brave and mobile app iOS, Android. Doesn’t download the entire blockchain, making it much faster and lighter. Supports staking.
    - Best For: Most users looking for a balance of convenience, security, and functionality. Ideal for everyday use.
    - Download From: Yoroi Wallet Official Site Always verify the URL!
Hardware Wallets Cold Wallets:
- Definition: Physical devices that store your private keys offline. They are considered the most secure way to store cryptocurrency.
- Pros: Immune to online hacks, malware, and phishing attacks. Your private keys never leave the device. Ideal for long-term storage of significant amounts of crypto.
- Cons: Cost money, can be slightly less convenient for frequent transactions.
- Recommended Cardano Hardware Wallets:
  - Ledger Nano S Plus / Nano X: Widely trusted hardware wallets supporting a vast array of cryptocurrencies, including Cardano.
  - Trezor Model One / Model T: Another highly reputable brand of hardware wallets supporting Cardano.
  - How They Work: You typically connect them to a software wallet interface like Yoroi or Daedalus to view your balance and initiate transactions, but the crucial signing of the transaction using your private key happens securely on the hardware device itself.
- Purchase From: Only buy directly from the official manufacturer’s website e.g., Ledger.com, Trezor.io. Never buy from third-party retailers like Amazon or eBay, as there’s a risk of tampering.

Setting Up Your Chosen Wallet Example: Yoroi Wallet

Regardless of the wallet you choose, the setup process involves similar critical steps.

We’ll use Yoroi as an example due to its popularity and ease of use.

Download and Install:
- Go to the official Yoroi Wallet website yoroi-wallet.com.
- Select the correct browser extension for your browser Chrome, Firefox, etc. or the mobile app for your device.
- Install the extension/app.
Create a New Wallet:
- Open Yoroi. You’ll likely be greeted with options like “Create Wallet,” “Restore Wallet,” or “Connect Hardware Wallet.”
- Choose “Create Wallet.”
- Select “Cardano” as the cryptocurrency.
- Choose “Create Wallet” again.
- Give your wallet a memorable name and set a strong spending password. This password encrypts your wallet locally.
Crucial Step: Write Down Your Recovery Phrase Seed Phrase: How to transfer Cardano to your account
- Yoroi will display a 15 or 24-word recovery phrase also called a seed phrase or mnemonic phrase. This is the master key to your funds.
- WRITE DOWN EACH WORD CAREFULLY AND EXACTLY, IN THE CORRECT ORDER, ON A PHYSICAL PIECE OF PAPER.
- Do NOT take a screenshot.
- Do NOT store it digitally e.g., on your computer, cloud, email.
- Store it in multiple secure, secret, and fireproof locations. This phrase is what allows you to restore your wallet and access your funds if your device is lost, stolen, or damaged. If you lose this phrase, your funds are gone forever. No one, not even the wallet developers, can help you recover them. This is the ultimate responsibility of holding your own keys.
- The wallet will then ask you to re-enter the phrase to confirm you’ve written it down correctly.
Complete Setup:
- Once you’ve confirmed your recovery phrase, your wallet is set up and ready to receive ADA.
Access Your Receiving Address:
- Within Yoroi, navigate to the “Receive” tab.
- You will see your Cardano public address a long string of characters starting with addr1.... This is the address you will give to the exchange to send your ADA to.
- You can also generate multiple receiving addresses for privacy. all will link to the same wallet.
- IMPORTANT: Double-check that you are on the “Receive” tab and copying a Cardano address, not another cryptocurrency’s address, and ensure it’s the correct address for the wallet you intend to use. A single incorrect character means your funds will be sent to an unrecoverable address.

By taking these steps, you transition from a custodial relationship Venmo, exchange to a non-custodial one, empowering you with full control and responsibility over your Cardano assets.

This is fundamental to engaging responsibly with the decentralized web.

Executing the Cardano Transfer: From Exchange to Your External Wallet

This is the final, pivotal step where you move your Cardano ADA from the centralized exchange into your personal, non-custodial wallet.

This process requires extreme care and attention to detail, as errors can lead to irreversible loss of funds.

Step 1: Initiating the Withdrawal on the Cryptocurrency Exchange

Log in to Your Exchange Account:
- Access the cryptocurrency exchange where you purchased your Cardano e.g., Coinbase, Binance, Kraken.
- Navigate to your “Wallet,” “Portfolio,” or “Assets” section.
Locate Your Cardano ADA Balance:
- Find Cardano ADA in your list of cryptocurrency holdings.
- Click on ADA. You should see options like “Buy,” “Sell,” and “Withdraw” or “Send.” Select the “Withdraw” or “Send” option.
Choose the Cardano Network: How to transfer Cardano to robinhood
- Many exchanges support multiple networks for certain cryptocurrencies e.g., USDT can be on Ethereum, Tron, etc.. For Cardano, ensure you select the Cardano network ADA. Do NOT choose another network like Ethereum’s ERC-20 if it’s offered for some reason, as this will result in permanent loss of funds if you send to a native Cardano address. The exchange will usually default to the correct network for ADA, but always verify.
Enter the Destination Wallet Address:
- This is the most critical step.
- Go to your external Cardano wallet e.g., Daedalus, Yoroi, or your hardware wallet interface.
- Navigate to the “Receive” tab.
- CAREFULLY COPY YOUR CARDANO RECEIVING ADDRESS. It will typically start with addr1... and be a long string of alphanumeric characters.
- Paste this exact address into the “Recipient Address” or “Destination Address” field on the exchange’s withdrawal page.
- DOUBLE-CHECK THE ADDRESS: This cannot be stressed enough. Compare the first few characters and the last few characters of the copied address with the address displayed in your wallet. Even better, use a checksum tool if available or scan a QR code if the exchange supports it, but always visually verify. A single incorrect character will send your ADA to a non-existent or inaccessible address on the blockchain, and it will be lost forever. According to data from various blockchain analytics firms, billions of dollars worth of crypto have been lost due to incorrect addresses.
Enter the Amount to Withdraw:
- Specify the amount of ADA you wish to transfer. You can enter a specific number of ADA or choose “Max” to send all your holdings.
- The exchange will display the network fee a small amount of ADA, typically less than 0.2 ADA and the final amount you will receive in your external wallet.
- Review all the withdrawal details on the confirmation screen: destination address, amount, network fee, and final received amount.
- Initiate the withdrawal.

Step 2: Completing Security Verifications

Two-Factor Authentication 2FA: Most reputable exchanges require 2FA for withdrawals. This might involve entering a code from your authenticator app e.g., Google Authenticator, Authy or a code sent to your registered phone number/email.
Email Confirmation: You might receive an email asking you to click a link to confirm the withdrawal. This is an extra security measure to prevent unauthorized transfers.

Step 3: Verifying the Transfer in Your External Wallet

Monitor Your Wallet:
- After confirming the withdrawal on the exchange, open your external Cardano wallet Daedalus, Yoroi.
- Cardano transactions are typically fast, often settling within a few minutes usually 20-30 seconds for a transaction to be included in a block, then a few minutes for confirmations.
- You should see the incoming transaction and your updated ADA balance.
Use a Block Explorer Optional but Recommended:
- If you’re curious or want to verify the transaction on the blockchain itself, you can use a Cardano block explorer.
- The exchange will usually provide a Transaction ID TxID for your withdrawal.
- Go to a Cardano block explorer e.g., cardanoscan.io or pool.pm.
- Paste your TxID into the search bar. This will show you the full details of the transaction, including its status, sender, recipient, and fees.

Once your ADA is confirmed in your external wallet, you have successfully completed the transfer process.

Your Cardano is now under your full control, ready for staking, dApp interaction, or secure long-term storage. How to convert sweatcoin to Cardano

Remember that this process involves fees at multiple stages selling on Venmo, potentially instant transfer, buying on exchange, and withdrawal fee, so account for these when planning your transfer.

Staking Cardano ADA from Your External Wallet: Earning Passive Rewards

One of the significant advantages of holding Cardano ADA in a non-custodial wallet like Daedalus or Yoroi is the ability to participate in staking. Staking is a fundamental mechanism in Cardano’s Proof-of-Stake PoS consensus model, where you delegate your ADA to a stake pool to help secure the network and, in return, earn passive rewards. This is a far superior alternative to simply holding ADA on a custodial platform, as it allows your assets to work for you while you retain full control.

What is Staking in Cardano?

Proof-of-Stake PoS: Unlike Bitcoin’s Proof-of-Work PoW, which relies on energy-intensive mining, Cardano uses PoS. In PoS, block creation and transaction validation are done by “stake pool operators” SPOs.
Delegation: As an ADA holder, you don’t need to run your own pool. You “delegate” your ADA to an existing stake pool. Your ADA never leaves your wallet. it remains under your control. You simply assign your “stake rights” to a pool, increasing its total stake and its chances of being selected to produce blocks.
Rewards: When a stake pool you’ve delegated to successfully produces a block, it earns rewards newly minted ADA and transaction fees. A portion of these rewards is then distributed proportionally to its delegators you!, minus the pool’s fees.
Epochs: Cardano’s staking operates in “epochs,” which are five-day cycles. Rewards are calculated at the end of an epoch and typically distributed two epochs later e.g., rewards for epoch X are paid out at the end of epoch X+2.

Why Stake Your ADA?

Passive Income: Earn additional ADA simply by holding your existing ADA. The annual yield typically ranges from 3-5% APY, depending on network conditions and pool performance. This is a much more beneficial use of your assets than letting them sit idle on an exchange.
Network Security: By staking, you contribute to the decentralization and security of the Cardano network. The more ADA staked, the more robust and secure the network becomes.
No Lock-up Period: Unlike some other PoS blockchains, Cardano allows you to delegate your ADA without locking it up. Your funds are always accessible, and you can withdraw, spend, or undelegate them at any time. This flexibility is a major advantage.
Full Control: Your ADA remains in your non-custodial wallet throughout the staking process. You retain full control over your private keys.

How to Stake Cardano from Your Wallet Using Yoroi as an Example

The process is very straightforward:

Open Your Yoroi Wallet:
- Launch the Yoroi browser extension or mobile app.
Navigate to the Delegation List:
- Within your wallet, look for a “Delegation List” or “Staking” tab.
Browse and Select a Stake Pool:
- Yoroi will display a list of active stake pools. You’ll see various metrics for each pool:
  - Saturation: The percentage of stake delegated to the pool relative to its maximum capacity. A highly saturated pool close to 100% means it’s nearing its optimal size. delegating to an over-saturated pool will dilute rewards. Aim for pools below 100% saturation.
  - Pledge: The amount of ADA pledged by the stake pool operator to their own pool. A higher pledge often indicates stronger commitment.
  - Fees: Pools typically charge two types of fees:
    - Fixed Fee: A small fixed amount e.g., 340 ADA per epoch that is deducted from the total pool rewards before distribution.
    - Margin Percentage Fee: A percentage of the remaining rewards e.g., 0-5%.
  - Performance/Rosiness: Indicates historical performance how consistently the pool has produced blocks.
- Choosing a Pool: Look for a pool that is:
  - Not overly saturated below 100%.
  - Has a reasonable margin e.g., 0-5%.
  - Has a good historical performance.
  - You might also consider pools supporting charity, specific causes, or with active communities. For instance, some pools donate a portion of their earnings to Islamic relief organizations, providing a means of earning rewards while supporting good causes.
- Researching Pools: You can use external sites like pooltool.io or adapools.org for more detailed statistics and to filter pools by various criteria.
Delegate Your ADA:
- Once you’ve chosen a pool, click on its name or the “Delegate” button next to it.
- Confirm the delegation. You will need to enter your spending password to authorize the transaction.
- A small transaction fee typically less than 0.2 ADA will be charged to register your delegation on the blockchain.

What Happens After Delegation?

No Lock-up: Your ADA remains in your wallet and is fully accessible. You can spend it, send it, or undelegate it at any time.
Reward Cycles: It takes a few epochs to start seeing rewards:
- Epoch 0 Current Epoch: Delegate.
- Epoch 1: Your delegation snapshot is taken.
- Epoch 2: Your delegated stake becomes active.
- Epoch 3 End: Rewards for Epoch 2 are calculated.
- Epoch 4 Start: Rewards for Epoch 2 are distributed to your wallet.
- Subsequent rewards will typically arrive at the beginning of every other epoch.
Auto-Compounding: Rewards are automatically added to your staked balance, effectively compounding your earnings over time.

Staking Cardano is a powerful way to grow your ADA holdings securely and contribute to the health of the network, making it a highly recommended step after transferring your ADA to an external wallet.

Avoiding Scams and Ensuring Security in Crypto Transfers

The cryptocurrency space, while innovative, is unfortunately ripe with scams and security vulnerabilities.

When transferring assets, especially when moving between different platforms or to external wallets, vigilance is paramount. How to convert paypal to Cardano

A single misstep can lead to irreversible loss of funds.

As responsible individuals, we must prioritize security above all else.

Common Scams to Watch Out For:

Phishing Attacks:
- How it works: Scammers create fake websites, emails, or social media accounts that look identical to legitimate exchanges, wallet providers, or support channels. They try to trick you into entering your login credentials, private keys, or recovery phrases.
- Red Flags: Suspicious URLs e.g., coinbaze.com instead of coinbase.com, misspelled words, urgent or threatening language “Your account will be suspended!”, unsolicited emails asking for sensitive information.
- Prevention: Always verify URLs. Bookmark official sites. Never click on suspicious links. Exchanges will never ask for your private keys or recovery phrase.
Impersonation Scams:
- How it works: Scammers pretend to be customer support agents, project developers, or even famous crypto influencers on social media or direct messages. They might offer “help” with a wallet issue or promise free crypto in exchange for sending them a small amount.
- Red Flags: Unsolicited messages, requests for “gas fees” to release large sums, promises that sound too good to be true.
- Prevention: Only use official support channels listed on the legitimate website. Be highly skeptical of anyone reaching out to you directly for “help” with your crypto.
Malware and Clipboard Hijacking:
- How it works: Malicious software on your computer can alter your copied wallet address when you copy it from your wallet and paste it into the exchange to a scammer’s address without you noticing.
- Red Flags: No obvious red flags until your funds are sent to the wrong address.
- Prevention: ALWAYS double-check the first few and last few characters of any crypto address after pasting it. Consider using checksums or QR codes if available. Keep your operating system and antivirus software updated.
Fake Wallets/Apps:
- How it works: Malicious apps disguised as legitimate crypto wallets on app stores Google Play, Apple App Store or websites. Once installed, they steal your recovery phrase or private keys.
- Red Flags: Low download count for a supposedly popular app, generic reviews, permissions that seem excessive.
- Prevention: ONLY download wallets from the official, verified websites of the wallet provider e.g., daedaluswallet.io, yoroi-wallet.com, ledger.com. Cross-reference the app store listing with the official website.
Giveaway Scams:
- How it works: Scammers promise to send you back double or triple the amount of crypto if you send them a small amount first. They often use fake celebrity endorsements or live streams.
- Red Flags: “Send 1 ADA, get 10 ADA back!” – These are always scams.
- Prevention: There’s no such thing as free crypto for sending your own crypto. Avoid all “giveaway” or “airdrop” schemes that require you to send funds first.

Essential Security Practices for Crypto Transfers:

Use Two-Factor Authentication 2FA:
- Always enable 2FA on your exchange accounts and any wallet that supports it. Use an authenticator app like Google Authenticator or Authy rather than SMS-based 2FA, as SMS is less secure. This adds an extra layer of security, requiring a unique code from your device in addition to your password.
Secure Your Recovery Phrase Seed Phrase:
- This is the master key to your non-custodial wallet.
- Write it down physically on paper.
- Store multiple copies in different secure, private, and fireproof locations.
- Never store it digitally. Never share it with anyone.
- If you lose it, your funds are gone. If someone else gets it, your funds can be stolen.
“Small Test” Transactions: How to convert Cardano to satoshi
- When sending a significant amount of ADA to a new wallet address for the first time, or after a long period, consider sending a very small, negligible amount e.g., 1 ADA first.
- Verify that the small amount arrives in your wallet successfully. Once confirmed, you can then send the larger amount. This helps confirm the address is correct and that your setup is working.
Use a Secure Internet Connection:
- Avoid performing crypto transactions on public Wi-Fi networks, which are often unencrypted and vulnerable to eavesdropping. Use a private, secure connection or a reputable VPN.
Keep Software Updated:
- Ensure your operating system, browser, antivirus software, and wallet applications are always updated to the latest versions. Updates often include critical security patches.
Be Wary of Unsolicited Offers:
- If an offer seems too good to be true, it almost certainly is. Crypto scams often prey on greed or fear.

By adopting these rigorous security practices, you significantly reduce your risk when navigating the transfer of your valuable digital assets.

Vigilance is your best defense in the crypto world.

Halal Financial Alternatives and Ethical Considerations in Crypto

Discouraging Riba Interest in Crypto Transactions

Riba, or interest, is unequivocally prohibited in Islam.

This applies to both receiving and paying interest.

Conventional Banking System and Venmo: When you sell ADA on Venmo and transfer USD to your traditional bank account, you are inherently interacting with an interest-based financial system. While the act of selling and transferring itself isn’t Riba, maintaining funds in an interest-bearing account or using interest-based loans like credit cards for crypto purchases, if Venmo allowed it would be.
- Better Alternatives: Minimize the time your funds sit in interest-bearing traditional bank accounts. Explore Islamic banking institutions that offer Sharia-compliant accounts and financing, which avoid interest. For instance, institutions like American Finance House LARIBA in the US or Al Baraka Bank globally offer non-interest-based financial services.
Crypto Lending/Borrowing Riba: Many crypto platforms offer “earn” programs where you can lend out your crypto like ADA and earn a yield. This yield is often structured as interest and therefore falls under Riba. Similarly, borrowing crypto with interest is prohibited.
- Better Alternatives: Instead of interest-bearing lending, consider staking Proof-of-Stake. As discussed, staking Cardano earns you rewards by contributing to network security, not by lending your assets at interest. The rewards come from newly minted coins and transaction fees, which are generally considered permissible under Islamic finance, provided the underlying asset itself is halal. This is a crucial distinction: staking is not a loan, but an active participation in the network’s consensus mechanism.
Credit Cards and BNPL Schemes: Using conventional credit cards which charge interest on balances or “Buy Now, Pay Later” BNPL schemes which often involve hidden interest or late fees that act as Riba to acquire crypto should be avoided. How to convert Cardano to solana on phantom wallet
- Better Alternatives: Purchase crypto using funds you already own, saved from halal sources. Prioritize cash transactions or Sharia-compliant financing when available.

Avoiding Maisir Gambling and Gharar Excessive Uncertainty/Speculation

Islamic finance prohibits gambling and excessive uncertainty, which can be prevalent in the volatile crypto market.

Day Trading and Futures Trading Maisir/Gharar: Engaging in short-term speculative trading day trading with the sole intention of making quick profits based on price swings, especially leveraged futures trading which amplifies both gains and losses, can lean towards Maisir due to its gambling-like nature and excessive Gharar.
- Better Alternatives: Focus on long-term investment HODLing in projects with strong fundamentals and real-world utility, like Cardano, which aims to build a decentralized, scalable, and sustainable blockchain platform. Research projects thoroughly due diligence. Invest with a long-term vision e.g., 3-5 years or more, treating it as a calculated investment in technology rather than a speculative gamble.
Uncertainty in Project Value: Investing in meme coins, projects with no clear utility, or those driven purely by hype can involve excessive Gharar.
- Better Alternatives: Prioritize projects with transparent roadmaps, active development, established use cases, and strong communities. Cardano, with its peer-reviewed research approach and focus on real-world adoption e.g., partnerships in Africa for identity management, presents a more principled investment.

General Ethical Considerations for Crypto Holdings:

Source of Funds: Ensure the funds used to purchase crypto are from halal sources e.g., honest earnings, permissible business ventures.
Purpose of Use: Consider the ultimate purpose of your crypto. Is it for wealth accumulation, facilitating permissible transactions, or supporting ethical projects?
Zakat on Crypto: Many Islamic scholars agree that crypto assets held for investment purposes not merely speculation are subject to Zakat, typically at 2.5% of their value if they meet the Nisab minimum threshold and Hawl one lunar year of ownership conditions. Consult with a knowledgeable scholar for specific guidance. For example, if you hold 10,000 ADA and it has been held for over a year and its value exceeds the Nisab equivalent to approx. 85g of gold, you would pay 2.5% of its value in ADA or fiat as Zakat.

Prioritizing staking over interest-bearing platforms, long-term holding over speculative trading, and thorough research into a project’s utility and ethical implications are key.

Future Outlook: Evolution of Crypto on Payment Platforms and Regulatory Shifts

While direct transfers of Cardano from Venmo are currently impossible, the future may bring changes, though not necessarily in the way one might hope for true decentralization.

Increased Crypto Offerings on Payment Apps

Mainstream Adoption Drive: Payment apps are keen to capture a slice of the burgeoning crypto market. Offering crypto buying/selling features helps them retain users and attract new demographics. A 2023 survey indicated that over 60% of Gen Z and Millennials expressed interest in buying crypto through their payment apps.
Expansion of Supported Cryptocurrencies: Initially, platforms like Venmo and PayPal started with a limited selection Bitcoin, Ethereum, Litecoin, Bitcoin Cash. Over time, it’s plausible they might add more, including Cardano ADA, if market demand and regulatory comfort grow. As of early 2024, Venmo supports BTC, ETH, LTC, and BCH.
Custodial Nature to Persist: It’s highly probable that these payment apps will continue to operate on a custodial model. Their core business isn’t to be a full-fledged crypto exchange. it’s to simplify payments and user experience. Allowing full external transfers introduces regulatory and security complexities they may prefer to avoid. This means the indirect “sell-and-repurchase” method will likely remain the primary workaround for the foreseeable future.

Regulatory Landscape and its Impact

The regulatory environment is the single biggest factor shaping how payment platforms handle crypto.

Governments worldwide are grappling with how to classify and oversee digital assets.

Clarity and Compliance: As regulatory bodies like the SEC Securities and Exchange Commission and FinCEN Financial Crimes Enforcement Network in the US, or the EU’s MiCA Markets in Crypto-Assets regulation, provide clearer guidelines, platforms might adapt their offerings.
Travel Rule Implementation: Regulations like the “Travel Rule” from FATF, Financial Action Task Force require financial institutions including crypto exchanges to collect and transmit information about senders and receivers for transactions above a certain threshold. Implementing this for peer-to-peer transfers on a platform like Venmo would be incredibly complex and potentially stifle the very ease of use that defines Venmo. This is a significant reason why direct external transfers are unlikely.
Consumer Protection: Regulators are increasingly focused on protecting consumers from risks associated with crypto, such as scams, volatility, and platform failures. This might lead to more stringent requirements for platforms holding crypto, potentially encouraging more robust custodial practices rather than less.
CBDCs Central Bank Digital Currencies: The rise of discussions around CBDCs could also influence the private crypto market. If central banks issue their own digital currencies, it might create a new regulatory paradigm that could impact how platforms like Venmo handle existing cryptocurrencies.

The Rise of Decentralized Finance DeFi and Direct Ownership

While payment apps might slowly expand their crypto offerings, the broader trend in the crypto space itself is towards decentralization.

Empowering Users: DeFi platforms, built on blockchains like Cardano e.g., through its growing DEXs, lending protocols, and stablecoins, allow users to interact directly with financial services without intermediaries. This aligns with the core ethos of self-sovereignty in crypto.
Greater Functionality: True ownership in an external wallet opens up possibilities like:
- Staking ADA: Earning passive income by contributing to network security.
- Liquidity Provision: Contributing to decentralized exchanges DEXs like SundaeSwap or Minswap on Cardano and earning fees.
- Borrowing/Lending: Engaging in peer-to-peer lending on DeFi platforms though, as mentioned, these must be approached with Islamic finance principles in mind to avoid Riba.
- NFTs and Metaverse: Engaging with the growing world of NFTs and decentralized virtual worlds.
Long-Term Trend: The long-term trend in crypto favors users taking control of their own assets. While convenience of custodial services has its place, the advantages of self-custody and DeFi are becoming increasingly evident, especially after major exchange collapses like FTX.

In conclusion, while Venmo and similar platforms might offer more crypto choices in the future, it’s unlikely they will pivot to a full non-custodial model allowing direct external transfers of assets like Cardano due to regulatory, security, and business model considerations.

The indirect method of selling and repurchasing will likely remain the primary avenue. How to convert Cardano to bank account

For those seeking true control, utility, and adherence to principles like staking over interest, embracing non-custodial wallets and the broader decentralized ecosystem remains the optimal path.

Frequently Asked Questions

What is Cardano ADA?

Cardano ADA is a third-generation decentralized public blockchain platform and cryptocurrency.

It is designed to be a more scalable, sustainable, and secure blockchain than previous protocols, leveraging a Proof-of-Stake consensus mechanism called Ouroboros.

ADA is the native cryptocurrency of the Cardano blockchain, used for transactions, smart contract execution, and network governance.

Can I directly transfer Cardano from Venmo to an external wallet?

No, you cannot directly transfer Cardano ADA from Venmo to an external cryptocurrency wallet.

Venmo operates as a custodial service, meaning they hold the private keys to your crypto within their closed system.

They do not support sending crypto to external addresses.

What is the workaround to “transfer” Cardano from Venmo to an external wallet?

The workaround involves a multi-step process: First, you must sell your Cardano on Venmo, converting it into USD.

Second, withdraw that USD from your Venmo balance to your linked bank account.

Third, deposit the USD from your bank account to a reputable cryptocurrency exchange that supports Cardano and external withdrawals e.g., Coinbase, Binance, Kraken. Fourth, purchase Cardano on that exchange.

How to convert venmo to Cardano

Finally, withdraw the purchased Cardano from the exchange to your chosen external wallet.

Are there fees involved in transferring Cardano value off Venmo?

Yes, there are several fees involved.

You will incur fees for selling ADA on Venmo typically 0.5% to 2.3%. If you choose an instant transfer from Venmo to your bank, there’s a 1.75% fee.

You’ll then pay trading fees when buying ADA on the new exchange often 0.1% to 0.6%, and a small network fee and potentially an exchange withdrawal fee when sending ADA to your external wallet.

What are the risks of selling on Venmo and repurchasing on an exchange?

The primary risk is price volatility.

The price of Cardano can fluctuate significantly between the time you sell on Venmo and when you repurchase on another exchange.

This can result in you acquiring less ADA for the same amount of fiat currency, or vice versa, depending on market movements during the transfer period.

What is a non-custodial wallet for Cardano?

A non-custodial wallet is a type of cryptocurrency wallet where you, and only you, hold control of your private keys.

This gives you full ownership and responsibility for your assets. How to convert from BNB to usdt

Popular non-custodial wallets for Cardano include Daedalus desktop full node wallet and Yoroi light wallet browser extension/mobile app, as well as hardware wallets like Ledger and Trezor.

Why should I use a non-custodial wallet instead of keeping my Cardano on an exchange?

Using a non-custodial wallet provides true ownership “not your keys, not your crypto”, enhanced security against exchange hacks or failures, and enables you to fully participate in the Cardano ecosystem e.g., staking, interacting with dApps.

What is a recovery phrase seed phrase and why is it important?

A recovery phrase also called a seed phrase or mnemonic phrase is a series of 12 or 24 words that serves as the master key to your non-custodial wallet.

It allows you to restore access to your funds if your device is lost, stolen, or damaged.

It is crucial to write it down accurately on paper and store it securely offline, as anyone with this phrase can access your funds.

What are the best external wallets for Cardano ADA?

The most recommended external wallets for Cardano ADA are:

Daedalus Wallet: Official full-node desktop wallet, offers maximum security and decentralization.
Yoroi Wallet: Official light wallet, available as a browser extension and mobile app, convenient and widely used.
Hardware Wallets Ledger, Trezor: Provide the highest level of security by storing your private keys offline.

How do I choose a reliable cryptocurrency exchange?

Look for exchanges with a strong reputation, robust security measures like 2FA and cold storage, competitive fees, excellent customer support, and strong regulatory compliance in your region.

Examples include Coinbase, Binance, Kraken, and Crypto.com.

What is staking Cardano ADA?

Staking Cardano ADA is the process of delegating your ADA to a stake pool to help secure the Cardano network and validate transactions. In return, you earn passive ADA rewards.

Your ADA remains in your wallet and is not locked up, meaning you retain full control. How to convert Cardano to naira on binance

How much can I earn by staking Cardano?

Annual yields for staking Cardano typically range from 3-5% APY, depending on network conditions, stake pool performance, and the amount of ADA you delegate.

Is staking Cardano permissible in Islam?

Many Islamic scholars consider staking in Proof-of-Stake networks like Cardano permissible, as the rewards are typically derived from network inflation newly minted coins and transaction fees for securing the blockchain, rather than from interest Riba on a loan.

It’s seen as an active participation in the network’s function.

How often are Cardano staking rewards distributed?

Cardano staking rewards are calculated at the end of each epoch a 5-day cycle and typically distributed two epochs later.

So, if you delegate in Epoch 0, your stake becomes active in Epoch 2, and you’ll receive your first rewards at the start of Epoch 4.

What are common scams to watch out for when transferring crypto?

Be vigilant for phishing scams fake websites/emails, impersonation scams scammers pretending to be support, malware that alters wallet addresses clipboard hijacking, and fake wallet apps. Always double-check addresses and sources.

Why should I double-check the wallet address when sending Cardano?

Double-checking the wallet address is crucial because blockchain transactions are irreversible.

If you send ADA to an incorrect address, your funds will be permanently lost and cannot be recovered.

Can I sell Cardano on Venmo if I bought it elsewhere?

No, Venmo only allows you to sell the Cardano or other cryptocurrencies that you have purchased directly through their platform.

You cannot deposit crypto bought elsewhere into your Venmo crypto balance.

Is it possible for Venmo to allow external crypto transfers in the future?

While not impossible, it is highly unlikely in the near future due to significant regulatory complexities like the Travel Rule and security considerations for a platform designed for simplified payments.

Their business model likely favors keeping crypto within their closed ecosystem.

What are the tax implications of selling crypto on Venmo?

In the United States, selling cryptocurrency, even on Venmo, is a taxable event.

You may owe capital gains tax on any profits realized from the sale.

It’s essential to keep accurate records of your purchases and sales and consult with a tax professional to ensure compliance.

How can I ensure my overall crypto activities align with Islamic finance principles?

To align with Islamic finance principles, focus on:

Avoiding Riba interest: Use halal financing, avoid interest-bearing loans/credit cards, and choose staking over interest-bearing lending platforms.
Avoiding Maisir gambling: Focus on long-term investment in projects with real utility rather than short-term speculative trading.
Avoiding Gharar excessive uncertainty: Invest in well-researched projects with clear fundamentals, not just hype.
Halal Sources: Ensure your funds come from permissible earnings.
Zakat: Pay Zakat on your crypto holdings if they meet the Nisab and Hawl conditions. Consult a knowledgeable scholar for personalized guidance.

How to transfer Cardano from venmo to external wallet