Renowned cryptocurrency exchange eToro is launching a new service that will offer rewards for “staking” tokens, starting from TRON & ADA.
The trading platform revealed that the service, one among the primary to offer to stake for Cardano’s native ADA token, and is expected to go live later this month.
eToro will effectively execute the staking on behalf of its users.
Compared to pow protocols, that require miners running powerful hardware to verify transactions, proof-of-stake [PoS] networks believe the users themselves to the stake, or lock up their tokens, and provide rewards for confirming transactions.
eToro’s service is aimed to form staking more accessible for everyday users, the firm said within an official statement. The exchange will email reports to users showing what proportion income they’ve made on a monthly basis.
The number of fully functioning PoS networks is growing. Cardano [ADA], which features a market capitalization of $3.25 Bln, launched its “Shelley” staking protocol later in July.
The month before, Coinbase Custody revealed its plans to offer secure Cardano staking sometime in Q4 this year.