The growing trend of cryptocurrency staking has reached the multi-asset platform eToro. The company announced today that it will launch a staking service this month. The first two assets available will be Cardano (ADA) and TRON (TRX).
eToro To Enable Crypto Staking
Cryptocurrency staking requires the investors to “lock” a certain amount of coins based on the proof-of-stake consensus algorithm or many of its varieties. Investors typically receive the right to vote and participate in the governance of the network. For their participation in the network’s governance, the stakers receive a reward.
Staking has grown in popularity over the past year, and the multi-asset platform eToro is among the latest to get on board. In a press release shared with CryptoPotato, the company with over 14 million users globally announced that it will launch a digital asset staking service later in October.
Yoni Assia, eToro Co-Founder, and CEO commented that the platform already has a “large and active crypto community and our goal is to ensure that we are always offering them the very best products and services.”
Yoni Assia, eToro’s CEO. Image by: CryptoPotato YouTube
eToro plans to distribute the staking rewards once per month with “no action required on the part of the users themselves.” The platform will “effectively and securely execute the entire staking procedure,” and will take “great care to protect its users’ crypto-assets against exposure to any additional risks.”
eToro Staking Starts With Cardano And Tron
The announcement also clarified that the staking service on eToro will begin with two digital assets – Cardano (ADA) and TRON (TRX).
Assia noted that “we are excited to launch our staking of Cardano and TRON, providing a highly market-competitive offering.” He added that eToro will be among the first “regulated platforms to offer a staking service for Cardano.”
“As we continue to see diminishing returns from traditional CeFi services, DeFi is continuing to expand. Services such as eToro’s new staking service takes the complexity and confusion out of the staking process and makes it accessible to everyone.” – said TRON Founder Justin Sun.
Further plans for eToro’s staking service include the addition of other cryptocurrencies such as Tezos, EOS, NEO, and ETH 2.0 after its expected launch.