TL;DR- Open your Yoroi wallet and navigate to the receive tab. Copy your address and go to your Coinbase account. Click assets and navigate to Cardano. Hit the wallet button. On the right side in the send/receive box paste your address and hit send.
The Yoroi Wallet is like MetaMask, but for Cardano instead of Ethereum. Its appeal is that it’s an easy to use ‘lightweight’ software wallet that has a solid mobile UI and staking features.
Just so we’re clear here, Yoroi is a software (hot) wallet. There are three types of wallets:
- Exchange ‘wallet’: your cryptocurrency doesn’t actually live here- all you have is an “I owe you” from the exchange for the crypto you bought. Still, exchanges don’t get hacked very often and some are even insured by the FDIC (like Gemini)
- Hardware ‘cold storage’ wallet: physical device you plug into your computer and have to enter PIN codes/transaction confirmations on the device screen to send crypto. Safest option
- Software ‘hot’ wallet: software that lives on your computer and holds your private keys/crypto that only requires some button clicks to operate
Why Yoroi Wallet?
One of the big sells for Yoroi here is that you can control your Cardano from your mobile device with a good user interface. While I personally do all my crypto trading/activity on my laptop, I can see how this has appeal for many.
Can you stake on Yoroi Wallet?
Yessir! Yoroi contains staking pools that pay interest. This is possible because Cardano is a Proof of Stake (PoS) currency. Staking your Cardano gives your staking pool some authority to vote on transaction and participate in populating the decentralized ledger. That’s a mouthful, but just know that staking is crucial for the Cardano network to function.
Returns on staking will depend on the staking pool you’re part of, but from what I’ve seen rewards hover in the 4% to 6% annual percentage yield (APY) range. Most people receive around a 5% staking reward. This is a heck of a lot better than what your brick-and-mortar bank savings account pays- but ADA’s price is volatile.
For downloading, setting up, and staking Cardano on your Yoroi Wallet, check this guide.
How to send Cardano from Coinbase to Yoroi Wallet
I’ll do the walkthrough for desktop- but the process is the same for both. In this example, I’m using the Yoroi Wallet Google Chrome extension.
0. Login and make sure you’ve purchased or have Cardano on your Coinbase account. You check this by going to the assets button on the top left of your Coinbase home, then looking down to see all the crypto you own.
1. Let’s get your Yoroi ADA address copied to your clipboard. Open your Yoroi Wallet on another browser tab. On your Yoroi home screen, hit the receive button.
You’re brought to your wallet address. In the middle of the screen you’ll see your alphanumeric ADA address. Hit the copy icon to the right of it to copy your address.
2. Click over to your Coinbase tab. Under assets, find and select Cardano on the list. When you arrive at the Cardano page, select the wallet tab.
3. On the right side of the screen you’ll see the Send/Receive box. By default the box should be on send. Enter the amount of ADA you’d like to send to your Yoroi wallet. Hit the send all button if you want to send everything. In the address box, hit paste so the address we copied earlier gets entered.
4. Select the blue continue button. Coinbase will show you all the details of the transaction prior to sending- double check the first 5 and last 5 digits of the recipient wallet address with your Yoroi wallet address. If it’s correct, hit send now.
5. Flip over to your Yoroi wallet and hit the transactions tab. Within 15 minutes or so you should see your ADA show up here. You can monitor the transaction from the Coinbase side as well. As long as Coinbase has the little yellow circle next to your transaction, it hasn’t completed yet. Don’t fret during this period- the blockchain just needs time to get all the confirmations required for the send.