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Crypto.com, a crypto exchange with over 80 million users worldwide, now offers on-chain staking on its app, according to a recent press release. This feature allows users to take an active role in securing the networks of their chosen cryptocurrencies while potentially earning rewards:
✔️ Receive rewards as often as daily
✔️ Support the blockchains you believe in
✔️ No blocking period imposed
All the details 👇 pic.twitter.com/4bfNcyJq8Q
— Crypto.com (@cryptocom) July 10, 2023
On-chain staking is associated with proof-of-stake (PoS) networks, which encourage users to “stake” or lock their crypto to help validate transactions. Traditionally, stakers join pools run by validators, who validate transactions, add them to the network, and then distribute rewards among stakers after paying fees.
Crypto.com’s new in-app feature simplifies this process, allowing users to engage directly with staking. It allows users to earn rewards on their idle assets, which they can access as often as daily, with the significant benefit of not having enforced lockout periods. This flexibility marks a change from the often cumbersome procedures of other staking platforms.
Initially, the feature will support Ethereum, Solana, and Polkadot blockchains. Crypto.com plans to integrate additional protocols in the near future, further enhancing the platform’s appeal to a wider range of digital currency investors.
For users interested in in-app staking, Crypto.com provides an easy-to-follow guide in the FAQ section. This step-by-step guide ensures that every user, regardless of previous experience with staking, can participate and potentially earn rewards.
While the staking feature is currently available in select markets, the company plans to expand its reach to other jurisdictions. This on-chain staking feature reflects an emerging trend in the digital currency industry – allowing users to participate in better security processes while simultaneously offering yield potential without being easily vulnerable to exploits or hacks.
Crypto.com recently received regulatory approval in Spain, allowing Spanish customers to provide “users with the complete, safe and secure crypto experience they want”.