eToro to begin staking rewards for Cardano (ADA) and other POS cryptos

The multi-asset, regulated platform, eToro has announced today that it will introduce its new staking service for Cardano (ADA) from this month onwards, according to a release emailed to AMBCrypto.

The move comes after the IOHK led Cardano blockchain also introduced its own staking pools that also had IOHK incentivize Cardano holders to begin staking on the network. This proof-of-stake functionality was launched on the Cardano mainnet as part of its ‘Shelley’ hardfork. 

However, with eToro’s staking of Cardano, the firm has said it would be the first regulated platform to allow staking of ADA in the crypto community. The investment platform, which is regulated in Europe by the Cyprus Securities and Exchange Commission, boasted of having 14 million registered users. According to the release the firm is also regulated by the Financial Conduct Authority in the UK and by the Australian Securities and Investments Commission in Australia.

But, in the European market, Estonia-based MyContainer is another regulated platform that offers the popular staking alternative, “staking-as-a-service” provision that enables crypto investors to soft stake PoS coins on their platform. 

Besides ADA, eToro will launch staking for TRON (TRX) and is currently working on offering future staking rewards on NEO, Tezos, EOS, along with the staking of ETH 2.0, the release stated. Meanwhile, Binance, Crypto.com and Kraken have been operating their own staking pools where the exchanges have deposited tokens like NEO, EOS, Tezos and TRX.

eToro CEO and Co-founder Yoni Assia commented,

We are excited to launch our staking of Cardano and TRON, providing a highly market-competitive offering. 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.