eToro, a crypto trading website, will now automatically offers TRON and Cardano staking interest on its trading platform. According to the announcement by the firm, Cardano and TRON investors on the eToro platform will earn 75%-90% of the company’s monthly staking yield.
Staking Earnings on the eToro Trading Platform
The staking interest that investors will earn is based on the membership level purchased by the investors and returns generated by each coin. For example, is staking brings a 6% return on investments, investors will earn 4.5% to 5.4% on their holdings.
In an interview with Forbes, Yoni Assia, the founder and CEO of eToro, has called staking an important development that is difficult for many holders to use it as their advantage. eToro is enabling the global community of investors to make benefit from this new service. The distribution of rewards will be automatic and investors do not have to do anything to start staking.
Eligibility For Staking Rewards
Users need to meet certain conditions to be eligible for the rewards. Firstly, they must hold the coin for a longer period and earn at least $1 in rewards. Secondly, they must invest in cryptocurrency, not contracts, copy trading, copy portfolio, or short positions.
eToro currently supports only two tokens on their platform. eToro has planned to add staking support for other coins in the future, which includes NEO, Tezos, EOS, and Ethereum 2.0.
eToro has introduced the staking service after the success of such services from crypto exchanges. Coinbase, Bitfinex, and Binance had introduced similar services to investors over the past few years.
Exchange-based staking is often easier for cryptocurrency investors due to the automatically enabled rewards. And also, no need for investors to withdraw funds to a separate wallet.
Cardano and TRON have already simplified staking through delegation features in their official wallets. It is not considerably more difficult to stake those tokens if they are stored outside of an exchange.