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.
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.
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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