Luno Customers Can Stake Cryptocurrency And Earn up to 4% p.a

Luno has officially rolled out its Ethereum (ETH) staking functionality, enabling customers in Malaysia to stake their cryptocurrency and contribute to the network’s sustainability. The crypto exchange is now offering users the opportunity to stake Ethereum (ETH) with an annual reward rate of up to 4%.

What is staking?

For those that are unfamiliar with the crypto term, staking is a method for investors to garner extra rewards by locking their crypto assets, aiding in the security and verification of transactions on crypto networks employing the proof-of-stake consensus mechanism. When your crypto is staked, selling or sending your coins becomes restricted; instead, you must unstake them before engaging in such transactions.

According to a statement from Luno, the platform will distribute staking rewards on a weekly basis, and no fees are imposed for staking or unstaking assets. However, a 30% fee is applicable to its staking service, deducted from the customers’ received rewards.

“Luno’s staking process eliminates the technical and financial hurdles for everyday individuals seeking to earn rewards, with a minimum stake as low as 0.00001 ETH or RM1. Customers can receive crypto rewards without requiring technical expertise for the staking setup,” shared Luno in its statement. However, it emphasized that investors should conduct their own research and due diligence before making any decisions.

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