eToro Now Providing Staking Rewards for Ethereum (ETH)
As of today, eToro users can get monthly staking rewards on Ethereum (ETH), with the first wave of staking rewards to be distributed in June.
eToro is one of the few globally regulated platforms to enable its 20 million registered users the ability to stake their ETH using the eToro wallet, ahead of the highly anticipated blockchain network upgrade to Ethereum 2.0.
ETH 2.0 staking on eToro is, as always, an innovation with benefits for holders of the Ethereum token. The purpose of the staking of ETH is to help support the ETH 2.0 upgrade, which is expected to improve ETH network efficiency.
This is eToro’s latest addition to its crypto offering, having launched its staking service in October 2020 for Cardano (ADA) and TRON (TRX).
Who can receive staking rewards?
The ETH staking service will initially be launched in Belgium, Denmark and the Czech Republic, with a gradual rollout to other regions. The rewards for users’ staked ETH cryptoassets will be distributed every month for the previous month’s staking, with no action required on the part of the users.
How is staking ETH different to other staking services on eToro?
Staking ETH 2.0 on eToro differs from eToro’s existing staking services in several ways.
eToro Money crypto wallet
The ETH 2.0 staking service will be executed through the eToro Money crypto wallet mobile app rather than the eToro investment platform.
- eToro users who are eligible for staking and who hold ETH can transfer it to the crypto wallet to stake.
- Users of the crypto wallet who already own other cryptoassets there can convert these assets to ETH and then stake them.
- Those who hold ETH in an external wallet can transfer it to the eToro Money crypto wallet to start benefitting from our staking program.
All users will be able to see both their staked ETH and their rewards within their crypto wallet at all times.
Staked ETH is locked
Unlike other crypto staking on eToro, staked ETH will be locked until such time as Ethereum launches the ETH 2.0 blockchain network. When this happens is entirely at the discretion of the Ethereum Network and is expected to be some time within the next 12–24 months.
Users will be able to see their original ETH and the rewards they have accrued in their eToro Money crypto wallet at all times. Users will also receive a monthly email letting them know how much their staked ETH has increased.
Staking with eToro ow you benefit
Staking with eToro is simple, secure and hassle-free. Staking rewards are paid out to users every month in ETH. Users who have staked their ETH are not required to do anything further. These rewards are paid into users’ eToro ETH crypto wallet, counting toward the principal ETH balance, and they remain locked together with the user’s staked ETH.
The staked cryptoassets remain the property of the eToro users. In turn, eToro users entrust eToro to execute the entire staking procedure for them, securely and effectively.
eToro takes great care to protect our users’ cryptoassets against exposure to any additional risks, sparing them the hassle and complication of staking on their own.
Read more about eToro’s staking service for ETH 2.0 here.
What does ‘staking’ mean?
Staking is a process that allows users who own and hold supported cryptoassets to earn rewards just for holding them. Rewards are earned in the same cryptoasset that was staked, which means that users grow their holding in much the same way as they would earn interest on money.
Disclaimer
eToro is regulated in Europe by the Cyprus Securities and Exchange Commission, by the Financial Conduct Authority in the UK and by the Australian Securities and Investments Commission in Australia.
eToro USA LLC nvestments are subject to market risk, including the possible loss of principal.
eToro AUS Capital Pty Ltd, AFSL 491139. eToro AUS Capital Pty Ltd offers CFDs over cryptoassets. Trading CFDs does not result in ownership of the underlying assets. CFDs are leveraged and risky financial products and may not be suitable for all investors. You may lose substantially more than your initial investment. This information is general advice only. It has been prepared without taking into account your objectives, financial situations or needs, and you should, before acting on the advice, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. You should consider our PDS before making any decision about whether to trade CFDs.
This communication is for information and education purposes only and should not be taken as investment advice, a personal recommendation, or an offer of, or solicitation to buy or sell, any financial instruments. This material has been prepared without taking into account any particular recipient’s investment objectives or financial situation, and has not been prepared in accordance with the legal and regulatory requirements to promote independent research. Any references to past or future performance of a financial instrument, index or a packaged investment product are not, and should not be taken as, a reliable indicator of future results. eToro makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication.
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