- On-chain staking gains traction in the cryptocurrency industry due to its potential rewards and role in network security.
- Crypto.com introduces on-chain staking in its app for select markets, offering a streamlined process for participation.
- Staking in the Crypto.com app allows users to put idle assets to work, receive frequent rewards, and contribute to network security with no lockup period.
As the cryptocurrency industry continues to expand and evolve, on-chain staking has emerged as an increasingly popular practice among crypto enthusiasts. Recognizing this trend, Crypto.com has just announced the availability of on-chain staking in its app in select markets, presenting users with an accessible and beneficial way to put their idle assets to work while also supporting the networks they believe in.
On-chain staking is a fundamental component of Proof of Stake (PoS) networks, where users lock up their tokens to contribute to network security. By participating in this process, stakers help verify transactions and add them to the blockchain. In return, they can earn rewards in the form of newly minted tokens, making staking not just a key network function but also a potential source of investment returns.
Crypto.com’s app takes the convenience of staking to a new level. It allows users to leverage their idle assets, earning rewards as often as daily. The platform doesn’t impose a lockup period, granting users flexibility with their staking or unstaking decisions. To kick off, Ethereum (ETH), Solana (SOL), and Polkadot (DOT) blockchains are available for staking, with more protocols set to follow.
Crypto.com previously announced that it has become a licensed Virtual Asset Service Provider (VASP) in Spain. Given these developments, the firm’s milestones are increasing. In fact, Crypto.com’s regulatory strides in Spain run parallel to its mission of driving cryptocurrency adoption.
In an attempt to diversify its offerings, the platform announced the addition of USD Coin (USDC) on Avalanche to its comprehensive cryptocurrency lineup. This expansion further solidifies Crypto.com’s place as a hub for diverse investment.
The advent of on-chain staking in the Crypto.com app signifies a significant step in making crypto participation more rewarding and accessible. It offers users a dual advantage: the opportunity to contribute to the PoS networks they believe in and to earn daily rewards in the process, all from the convenience of a well-designed mobile app.