eToro announced that it will be launching a dedicated staking service which will allow individuals to earn staking rewards from Cardano and TRON. According to the company, users of the platform who hold positions in either Cardano or TRON will be eligible for monthly staking rewards. eToro’s trading system for the reward payout is completely integrated and uses automatic technology, which requires no action from the users, meaning they can trade assets as per usual.
At present, the rewards are only for the two digital currencies, however, eToro is hoping that other assets will be included further down the line.
Should users shift their positions during the month with the two cryptocurrencies before the reward is given, it stands that their staking rewards will change too. According to the company, an “intro period” is required in order for the users to become eligible for rewards. This entails that the users of the platform hold the cryptocurrencies for a variable amount of time before rewards can be gained.
Enabling investors the benefits of staking
eToro founder and CEO Yoni Assia, founder and CEO of eToro commented on the announcement:
“Staking is an important development in the crypto market but it’s difficult for people to access its benefits on a secure platform, which is what we’re enabling our global community of investors to do by offering this new service.”
The staking rewards will be compounded monthly, meaning that the staking yield will be significantly reduced in comparison to independent staking. To combat this, eToro will be offering generous rewards. A spokesperson from the firm weighed in, saying that the platform will be competitive with market platform prices:
“Clients staking on eToro benefit from doing so on a regulated and globally trusted platform. We also believe staking rewards on our platforms are among the most generous in the market, from a minimum of 75% of the staking yield.”