What is staking?
In simple terms, 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, like the way a savings account pays interest to its holders.
Staking is one of the features that was requested by the Bitpanda community since it offers rewards for investors willing to stake selected crypto-assets.
As of today, more than 3M Bitpanda users can earn weekly rewards on their assets, without prior technical knowledge and with the security offered by the fintech unicorn’s regulatory & compliance standards.
No lock-in period, no warm-up period
All assets staked on Bitpanda are not locked in and are accessible at any time. This means that Bitpanda users can access their staked cryptocurrencies whenever they want. With no warm-up period, investors start earning from the moment they choose to stake their crypto, until the moment they decide to unstack.
Weekly rewards starting immediately
Bitpanda users will receive staking rewards for their staked assets once a week, independently of how 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.
“As a company that was founded to simplify investing in crypto, we are excited to make staking as it should be: simple, straightforward, hassle-free. 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” said Eric Demuth, Bitpanda CEO and Co-Founder.
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.
One platform for all investments
New investors can open a free Bitpanda account and start investing in minutes in a wide range of digital assets, depending on their budget and risk appetite. They can start from as little as 1 Euro and the platform is available 24/7. Bitpanda started as a crypto-trading company in 2014 with Eric Demuth, Paul Klanschek and Christian Trummer as co-founders.
Since then, the company has grown into the leading investment platform in Europe, with more than 3 million customers. The fintech company has become the first Austrian unicorn and has a team of more than 1.000 people in ten different offices around the European Union.
Photo credit: Bitpanda