eToro to Offer Staking Rewards for Holders of TRON and Cardano
Multi-asset exchange eToro is launching a new service that will offer rewards for “staking” tokens, beginning with TRON and ADA.
- The trading platform announced Thursday that the service, one of the first to offer staking for Cardano’s native ADA token, will go live later this month.
- eToro will effectively execute the staking on behalf of its users.
- Compared to proof-of-work protocols, which rely on miners running powerful computer hardware to confirm transactions, proof of stake (PoS) networks rely on the users themselves to stake, or lock up, their tokens and provides rewards for confirming transactions.
- eToro’s service is aimed to make staking more accessible for everyday users, the firm said in a statement. The exchange will email reports to users showing how much income they’ve made on a monthly basis.
- A spokesperson told CoinDesk the service will be free of charge for eToro clients.
- The number of fully functioning PoS networks is growing. Cardano, which has a market cap of $3.25 billion, launched its “Shelley” staking protocol in late July.
- The month before, Coinbase Custody announced plans to offer secure Cardano staking sometime in Q4 2020.
