eToro has announced that it will start providing staking services for both Tron and Cardano, with more plans to expand the service to other digital currencies in the future.
With this announcement, users can earn rewards by staking their digital assets via eToro.
Additionally, the users can also enjoy staking the services in a secure environment, thereby contributing to the validation process of different blockchain networks.
Staking increasingly becoming more popular in the industry
With the rapid growth of a fully-functional PoS network, the market is gearing towards a user-base process where staking will no longer be limited to a few numbers of capable hands.
In the meantime, the crypto industry is gradually embracing staking, as major exchanges like Binance, Bitfinex, and Coinbase have also introduced the service to their users.
eToro making staking more accessible
Unlike proof-of-work protocols that depend on confirming transactions through highly technical computer hardware, proof-of-stake (POS) networks depend on the staking power of users, which brings many participants to the table. With eToro’s service, everyday users can easily access staking than before.
Founder and chief executive officer of eToro Yoni Assia, has commented on the development.
He said the crypto market is passing through a vital developmental stage with staking. However, many people are not able to take advantage of its benefits on different platforms., The idea behind this staking for both Cardano and Tron is to provide such benefits to its global community.
“We are proud to be one of the first regulated platforms to offer a staking service for Cardano,” he said.
Yoni stated that there are plans to expand the staking service in the coming months to include more digital currencies.
He also revealed some details about their plans for some other crypto assets by stating that EOS, Tezoz, and NEO assets are included in the future plans of the company.
Also, eToro is working seriously with the Ethereum developers to make sure staking is offered on WTH 2.0 when it eventually goes live, Yoni revealed.
Defi has seen an impressive growth
Founder and chief executive officer of Tron Network Justin Sun and commented on the development. He stated that the Tron network and its community are happy about the decision of eToro to offer staking for its digital asset. This makes Tron one of the first digital assets to be offered for staking on the eToro network, he reiterated.
Sun noted that DeFi has seen impressive development and growth as traditional CeDi services continue to see diminishing returns and applicability.
He also stressed that such staking service ensures a well-balanced and properly structured process, which makes it accessible to everyone.
The eToro developers said that the service will be one of the first to offer staking tokens, and it will start with ADA and Tron before expanding to other assets.