Crypto.com Turns Up the Heat With No Lock-Up Proof-of-Stake on App
Crypto.com's latest feature, on-chain staking, provides a platform for users to participate in securing proof-of-stake networks, potentially earning rewards without enduring any lock-up periods.
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Crypto.com, a crypto exchange with over 80 million global users, is now offering on-chain staking on its app, according to a recent press release. This feature enables users to take an active role in securing the networks of their chosen cryptocurrencies while potentially earning rewards:
🆕 On-chain Staking has just been launched in the https://t.co/vCNztATkNg App!
✔️ Receive rewards as often as daily
✔️ Support the blockchains you believe in
✔️ No lockup period imposed
Check it out now 👇https://t.co/UJXiZukb6V
— Crypto.com (@cryptocom) July 10, 2023
On-chain staking is associated with proof-of-stake (PoS) networks, which encourage users to “stake” or lock up their crypto to help validate transactions. Traditionally, stakers join pools managed 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 in staking. It enables users to earn rewards on their idle assets, which can be accessed as frequently as every day, with the significant advantage of no enforced lock-up periods. This flexibility marks a shift 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 broader array of digital currency investors.
For users interested in staking via the app, Crypto.com provides an easy-to-follow guide in the FAQ section. This step-by-step guide ensures that every user, regardless of their prior experience with staking, can participate and potentially earn rewards.
While the staking feature is currently available in select markets, the company plans to extend its reach to additional 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 the potential for returns without being easily susceptible to exploits or hacks.
Crypto.com recently received regulatory approval in Spain, allowing Spanish customers to provide “users with the comprehensive, safe and secure crypto experience that they desire.”