eToro, the multi-asset investment platform with more than 14 million registered users worldwide, recently announced that it would launch its new staking service in October.
eToro’s staking service will initially be available to Cardano (ADA) and TRON (TRX). Cardano’s staking is a brand new project in the crypto universe, and eToro is apparently quite pleased to be one of the first to support it.
Yoni Assia, CEO and co-founder of eToro, commented: “eToro has a significant and active crypto community, and our goal is to ensure that we always offer them the best products and services. We are delighted to launch our staking service for Cardano and TRON, offering a highly competitive offering to the market. We are proud to be one of the first regulated platforms to offer a staking service for Cardano, and we will continue to develop this offer in the coming months”.
eToro’s new staking service is a process that allows users who own and hold cryptocurrencies to earn rewards.
The staking service rewards are distributed to users each month, in cryptocurrencies, with no action required on the part of the users themselves. The cryptocurrencies involved remain the property of the eToro users. In return, platform users entrust eToro with the efficient and secure execution of the entire staking process. eToro takes great care to protect its users’ cryptocurrencies against any exposure to additional risks, and avoids the complexities associated with the service by managing the entire process.
“We are delighted that eToro has chosen TRON as one of the first assets to be offered on this new service,” said Justin Sun, founder of TRON and CEO of BitTorrent. “As we continue to see declining returns from traditional centralized finance (CeFI) services, decentralized finance (DeFi) continues to expand. Services such as eToro’s staking service removes the complexity of the process and makes it accessible to everyone.
The experience of eToro’s staking service will be fully transparent. Users will automatically receive their rewards in the currency of their choice, with no proactive action required on their part. Users will also receive an individual monthly email, detailing the amount of rewards they received that month, and explaining how it was calculated for each of the cryptocurrencies supported by the service.
eToro is also currently working on offering future rewards for other crypto-actives, including NEO, Tezos, EOS, and ETH 2.0.