If you have bought some ADA on Crypto.com, you may be looking to send it to your Daedalus Wallet to stake ADA.
Here’s a guide on how you can do so:
Contents
How to transfer ADA from Crypto.com to Daedalus
Here are 5 steps to transfer ADA from Crypto.com to your Daedalus wallet:
- Obtain the ADA deposit address from your Daedalus wallet
- Select ‘Withdraw to External Wallet’ on the Crypto.com App
- Add your Daedalus Wallet address as the recipient address
- Confirm the transaction on Crypto.com App
- Receive ADA in your Daedalus Wallet
And here is each step explained further:
Obtain the ADA deposit address from your Yoroi wallet
The first thing you’ll need to do is to create a Daedalus Wallet.
Don’t forget to keep your seed phrase secure, as this can be used by anyone to access your wallet!
Once you have created your wallet, you will need to go to the dashboard and select ‘Receive‘,
and this will show you the available ADA deposit addresses that you can copy to Crypto.com.
You may want to note that there are over 16 wallet addresses on Daedalus via which you can receive payments in ‘ada’ or native Cardano token.
Your address should start with ‘add‘, which is a Cardano network address. This is different from ‘0x‘ addresses which are for the ERC20 and BEP20 networks.
Select ‘Withdraw to External Wallet’ on the Crypto.com App
After obtaining the address from your Daedalus Wallet, you will need to head to the Crypto.com App. You’ll need to go to ‘Transfer‘,
and select ‘Withdraw‘.
On the next page, you will need to select ‘Withdraw Crypto‘,
and then select ‘External Wallet‘.
Add your Daedalus Wallet address as the recipient address
You will be asked to add a wallet address to your whitelist.
After that, search for ADA,
and this will bring you to the ‘Wallet Address Details‘ page.
On this page, you will need to enter the address that you’ve obtained from your Daedalus Wallet.
Crypto.com allows you to withdraw ADA using either the native Cardano blockchain or the Binance Smart Chain (BSC).
Your Daedalus Wallet only supports native Cardano deposits, so you should not be adding the address under ‘BSC’. Otherwise, the ADA that you send will be lost forever!
If you are looking to send ADA using the Binance Smart Chain, you will need to ensure that the platform that receives ADA can accept BEP20 deposits, such as Metamask.
Confirm the transaction on Crypto.com App
After you have added your Daedalus Wallet address to Crypto.com, you are able to withdraw ADA to that address.
The last step you’ll need to do is to enter the amount of ADA that you wish to transfer to your Daedalus Wallet.
Receive ADA in your Daedalus Wallet
After the transfer has been initiated, you will receive ADA in your Daedalus Wallet.
Transactions on the Cardano network are really fast, and you should be able to receive the funds within a few minutes!
What are the fees for transferring ADA from Crypto.com to Daedalus Wallet?
Crypto.com charges 0.08 ADA for withdrawals via the ADA network. This is cheaper compared to withdrawing ADA on other platforms!
Conclusion
Sending ADA to Daedalus Wallet allows you to stake ADA on their platform, and you can use this same method for other platforms like Binance or Kraken.
Alternatively, you are also able to use the Exodus wallet to stake ADA too.
When you are sending ADA from Crypto.com to your Daedalus Wallet, don’t forget to choose the Cardano network, instead of the Binance Smart Chain!
Alternatively, you can leave your ADA on Crypto.com, and lend it out to earn interest.
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