eToro has started offering staking services for cardano and tron, and in addition has revealed plans to expand this service to several other digital currencies.
By staking their digital assets through eToro, users of the social trading platform can earn rewards, which will be paid out automatically on a monthly basis.
Further, leveraging this opportunity will allow them to stake these assets in a secure environment and contribute to the validation processes of various blockchain networks.
[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]
Yoni Assia, founder and CEO of eToro, weighed in on this 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.”
“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,” he added.
Assia specified that eToro is “working on offering future staking rewards on other cryptoassets, including NEO, Tezos, and EOS.”
“We are also working with the Ethereum community to be able to offer staking on ETH2.0 when it moves to proof of stake.”
Justin Sun, founder and CEO of TRON, also shed some light on this announcement.
“We are thrilled that eToro has chosen TRON as one of the first assets to be offered on their new staking service,” he stated.
“As we continue to see diminishing returns from traditional CeFi services, DeFi is continuing to expand,” noted Sun.
He emphasized that services like this help make the staking process more straightforward, therefore making it “accessible to everyone.”