eToro Users Can Now Earn Passive Income in Form of Staking Rewards By Keeping ADA and TRX
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According to an announcement published on 1st October 2020, users of the social trading platform, eToro, can now earn passive in the form of Staking rewards for keeping their Cardano (ADA) and Tron (TRX). The distribution of the staking rewards is expected to take place in November 2020.

This staking involves owning and holding supported digital assets to earn rewards on eToro. According to the trading platform, the rewards have more to do with staked tokens. In other words, the higher the staked tokens the higher the rewards.

eToro stated that “users grow their cryptoasset holdings, using a similar mechanism to the way in which a person can earn interest on money.”

According to the report, the staking process will be handled by eToro, but the staked crypto assets remain the property of its users.

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Read also: Charles Hoskinson: Cardano Now Has Hundreds of Stakepools and Half the Network Delegated

Users’ Eligibility for the eToro Staking Service

At the moment, only Cardano (ADA) and Tron (TRX) are supported. Users on eToro USA LLC, eToro (UK) Ltd., or eToro (Europe) Ltd. are eligible to use eToro’s staking service providing they have the supported crypto assets mentioned above.

eToro Users Can Now Earn Passive Income in Form of Staking Rewards By Keeping ADA and TRX

Image Source: eToro

Additionally, eToro pointed out that “the positions need to have been open for a certain number of days, which varies according to the blockchain network of the cryptoasset in question.”

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Solomon Odunayo

By Solomon Odunayo

Solomon Odunayo is an accomplished blockchain and cryptocurrency expert at Herald Sheets, known for his in-depth analysis and engaging articles that cater to both beginners and experienced readers. With a degree in Computer Science from the University of Lagos, Solomon leverages his technical background and keen understanding of the crypto space to provide readers with valuable insights and up-to-date news. His passion for innovation and commitment to staying current with industry developments make him a trusted voice in the digital currency community.