European crypto investment platform Bitpanda has now launched Bitpanda Staking, offering users the possibility to earn and generate yield on selected cryptocurrencies.
At launch, eleven cryptocurrencies will be available for staking with Bitpanda: ADA, TRX, XTZ, SOL, DOT, MATIC, ATOM, GRT, KSM, NEAR, and LUNA; more staking assets will be added throughout the year.
Staking is a way of earning rewards for putting certain cryptocurrencies to work.
This is possible only for cryptocurrencies that run on a mechanism called “proof-of-stake”, a way to ensure that transactions are verified and secured. Blockchain puts staked cryptocurrencies to good use – they become part of this process and pay back rewards to their holders, similar to the way a savings account pays interest to its holders.
No lock-in period, no warm-up period
All assets staked on Bitpanda are not locked in and are accessible at any time. With no warm-up period, investors start earning from the moment they choose to stake their crypto, until the moment they decide to unstake.
Weekly rewards starting immediately
Users of Bitpanda will receive staking rewards for their staked assets once a week, independently of how the blockchain distributes rewards. Rewards are staked automatically, so users increase their rewards over time. With Bitpanda Staking, the community will receive rewards from the first week they stake.
“Bitpanda Staking is the easy way to put crypto at work and it offers our community the opportunity to earn additional income on selected crypto-assets, with a one-click feature that requires no prior technical knowledge. We are committed to enabling staking for more cryptocurrencies throughout the year.”
Founded in 2014, Bitpanda is a crypto-trading company based in Austria with Eric Demuth, Paul Klanschek, and Christian Trummer as co-founders.