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Steve Muchoki
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Social trading and multi-asset brokerage company eToro announced new crypto services for its customers globally. According to the announcement, the company will offer staking rewards for Tron and Cardano holders and plans to add other digital assets in the future.
“Staking is an important development in the crypto market but it’s difficult for people to access its benefits on a secure platform, which is what we’re enabling our global community of investors to do by offering this new service,” Yoni Assia, founder and CEO of eToro indicated.
Primarily, eToro was founded to focus on providing financial and copy trading services over a decade ago. However, it has evolved with the market to venture blockchain technology and the cryptocurrency industry.
Notably, back in 2017, the company launched a CopyPortfolio feature to enable investors to copy investment portfolios from the best-performing traders. A year later, the company launched a cryptocurrency wallet for Android and iOS users.
The company has been involved in private fundings that have seen its investment portfolio over $162 millions as of 2018. Some of the notable firms that have been involved in the prior fundings include Spark Capital, SBI Holdings, CommerzVentures, Korea Investment Partners, and China Minsheng Financial Holdings.
eToro and Crypto Staking
The trading platform announced on Thursday that the staking services will go live later this month. In addition, the company noted that it will execute the staking on behalf of its users.
The crypto staking concept was introduced with the proof-of-stake (PoS) consensus mechanism. It is a field that is anticipated to experience an astronomical adoption putting into perspective that Ethereum, the second crypto project in regards to market capitalization, is headed to upgrade its blockchain from proof of work to proof of stake.
eToro detailed that the rewards will be distributed among the users every month in supported cryptocurrencies for the previous month’s staking.
“eToro has a large and active crypto community and our goal is to ensure that we are always offering them the very best products and services,” Yoni noted. “We are proud to be one of the first regulated platforms to offer a staking service for Cardano and will be further expanding our staking service in the coming months.”
Tron Foundation is gaining momentum both in the DeFi and CeFi ecosystem as the industry sees heightened volatility.
“We are thrilled that eToro has chosen TRON as one of the first assets to be offered on their new staking service,” Tron founder and CEO Justin Sun added. “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.”
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