eToro, the global multi-asset investment platform, announced today that it will be expanding its crypto staking service to include the Ethereum 2.0 blockchain.
eToro will offer its users the option of staking their ether tokens via the eToro Money crypto wallet ahead of the network’s upgrade to Ethereum 2.0.
Having launched its staking service in October 2020 for Cardano (ADA) and TRON (TRX), ETH 2.0 is the latest addition to its crypto staking offering. The ETH staking service was made available to eToro users in Belgium, Denmark and the Czech Republic over the last couple of weeks, and has officially launched today for UK users, with a gradual rollout to follow in other regions. Users who choose to stake their ETH cryptoassets will receive staking rewards on a monthly basis with no action required on their part.
Doron Rosenblum, VP of business solutions at eToro, said,
“eToro’s vision is to open up the global markets so that everyone can trade and invest in a simple and transparent way. This includes crypto. We have been creating new ways for our large and active community to take advantage of crypto for nearly a decade. Our holistic approach gives people a choice of how to access the asset class.
eToro believes that we will see the largest transfer of wealth ever onto the blockchain, and our expanded crypto staking service is a commitment to this belief. We are very proud to offer this innovative staking service for ETH. By offering staking through the eToro Money crypto wallet, people can come to us directly to stake their ETH.”
Ethereum 2.0 staking on eToro will be executed via the eToro Money wallet. Existing eToro users can buy ETH on eToro and transfer it to the wallet to stake. Alternatively, those who hold ETH in an external wallet can transfer it to eToro to start benefiting from our staking program. All users will be able to see both their staked ETH and their rewards within their eToro wallet at all times. The minimum amount that can be staked is one ETH. There is no maximum.
Staking is a process that allows users who own and hold supported cryptoassets to earn rewards, with these rewards being more of the same cryptoassets. Staked ETH will be locked away until the Ethereum network fully launches the upgraded ETH 2.0 blockchain.
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