eToro, the world’s leading social trading platform offering both equity and cryptocurrency investments, announced today that it will expand its crypto staking service to include the Ethereum 2.0 blockchain.
eToro will offer its users the ability to stake their ether tokens via the eToro Money Wallet crypto wallet ahead of the network upgrade to Ethereum 2.0.
But what does the term “staking” mean in finance? What is staking? Broadly speaking, we can define it as a process that allows holders of a specific cryptocurrency to earn rewards.
Staking is a means by which a certain proportion of cryptocurrency is staked to take part in the blockchain network validation process and earn rewards.
It is similar to a fixed deposit that rewards investors with an interest stipulated in the contract.
How will Ethereum 2.0 work on eToro
Therefore, eToro users can buy ETH and transfer it to their wallet for staking. Alternatively, those who hold ETH in an external wallet can transfer it to eToro to start benefiting from the staking program. At any time, all users will be able to see both their staked ETH and their monthly rewards, earned without any action required on their part.
The minimum amount that can be wagered is 1 ETH and there is no maximum limit.
After launching its staking service in October 2020 for Cardano (ADA) and TRON (TRX), ETH 2.0 is the latest addition to its offering.
The ETH staking service has been made available to eToro users in Belgium, Denmark and the Czech Republic over the past two weeks and was officially launched today for UK users, with a phased rollout.
Doron Rosenblum, VP Business Solutions at eToro, said:
“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”.
eToro’s vision is to open up the global markets so that everyone can trade and invest easily and transparently, including of course cryptocurrencies and all other digital assets.
Thanks to their mission, today eToro is a global community of over 20 million registered users sharing their investment strategies.