eToro Launched Crypto Staking Starting With Tron and Cardano

eToro launched crypto staking options starting with Tron and Cardano so users will become able to start staking these coins and more are coming soon as we are reading more in the latest Cardano coin news.

eToro launched crypto staking options and the company announced today that it earlier this month so the first two assets available will be Cardano’s ADA and Tron’s TRX. Crypto staking requires the investors to lock the amount of coins based on the proof-of-stake consensus algorithm or other varieties. The investors receive the right to vote and to participate in the process of governing the network. For their participation, the stakers will receive a reward. Staking grew in popularity over the past year and now eToro is among the latest companies to get on board. In a press release, the company with more than 14 million users announced they will launch a digital asset staking service in October.

Yoni Assia, the eToro co-founder, and CEO said that the platform already has a huge and active crypto community and the goal is to ensure that they will always keep on offering the best products and services. eToro plans to distribute the staking rewards once per month with “no action required on the part of the users themselves so the platform will securely execute the entire staking procedure and will take great care to protect the users’ funds against exposure to any additional risks.

The announcement clarified that the staking service on eToro ill start with Cardano’s ADA and Tron’s TRX. Assia noted:

 “we are excited to launch our staking of Cardano and TRON, providing a highly market-competitive offering,” saying furthermore that“regulated platforms to offer a staking service for Cardano.”

Justin Sun, the TRON founder said:

“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.”

As previously reported regarding eToro, eToroX users can now trade stablecoins backed by the Turkish Lira (TRYX), the Polish Zloty (PLNX), South African Rand (ZARX), and Hong Kong Dollar (HKDX) as well as the U.S. dollar-backed tokens USD Coin (USDC) and Tether (USDT).