Multi-asset brokerage eToro announced today that it is launching staking services for two popular digital assets, Cardano (ADA) and Tron (TRX).
Staking services allow crypto users to earn rewards, similar to interests, for holding certain digital assets. This concept was introduced with the proof-of-stake (PoS) consensus mechanism.
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eToro detailed that the rewards will be distributed among the users every month in supported cryptocurrencies for the previous month’s staking. The brokerage will execute the staking process on behalf of its users and the service will be offered without any additional charges.
“eToro 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 co-founder and CEO, said. “We are proud to be one of the first regulated platforms to offer a staking service for Cardano and will be further expanding our staking service in the coming months.”
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Meanwhile, staking is becoming very popular in the crypto industry, and many major exchanges like Coinbase, Bitfinex, and Binance have also introduced this service for their users.
“We are thrilled that eToro has chosen TRON as one of the first assets to be offered on their new staking service,” Tron’s founder and CEO, Justin Sun added. “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.”