- eToro announced on Thursday, the launch of staking services for its clients
- The users on eToro USA LLC, eToro (UK) Ltd, or eToro (Europe) Ltd will be eligible to use the staking service
- Staked assets will remain the property of the users and their users entrust them to execute the entire staking procedure securely and effectively
The world’s leading social trading platform, eToro announced on Thursday, the launch of staking services for its clients. Users will now automatically earn rewards on some of their Cardano (ADA) and Tron(TRX) positions. The users can now earn a passive income in the form of staking rewards. The users who are able to trade the assets normally will need no action from their part to get the reward as the system is completely automated.
Who is eligible for the Staking service?
The users on eToro USA LLC, eToro (UK) Ltd, or eToro (Europe) Ltd will be eligible to use the staking service. Users should have Cardano (ADA) or Tron (TRX) in their holding position, as these two currencies are only supported yet. To become eligible for earning rewards, the users will have to hold the asset for an initial “intro period”. The length of the period varies according to the blockchain network of the crypto asset, though in case of Cardano it is nine days where the rewards begin from the 10th day of holding and in case of Tron it is seven days where the rewards begin from the 8th day of holding.
How will the staking reward system work?
eToro’s service of staking is simple, secure and hassle-free. The rewards will be calculated on the basis of a daily snapshot taken at 00:00 GMT. On an average daily position size, the rewards will be distributed at the end of the month. During the month if any user changes its position in these currencies, will find a change in their staking rewards. The first wave of rewards will be distributed in November. A Spokesperson also mentioned that the service of eToro would be free for their clients. It is also mentioned by eToro that the amount of reward needs to be no less than 1 USD in value.
It is stated by eToro that the staked assets will remain the property of the users, and their users entrust them to execute the entire staking procedure securely and effectively. Etoro takes great care to protect their users’ assets against any risk.
The firm also retains a small percentage of the fee, to cover all the operational, technical and legal costs. The reward percentage of monthly staking yield varies on the level of the member. Bronze club members (all US users) will get 75% of reward, Silver, Gold, Platinum club members will get 85% of rewards, and Diamond, Platinum+ club members will get 90% of the reward.
A spokesperson noted that the yield over time would lower the staking yield significantly compared to independent stakings, which makes their platform highly competitive.
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