Luno is announcing that it will now offer customers in Malaysia the ability to stake their cryptocurrency. Specifically, the crypto exchange is allowing folks to stake Ethereum (ETH).
Malaysia the second country for Luno to offer staking, right after South Africa. “We have always focused on making it safe and simple to buy, sell and store crypto. As a trusted crypto guide, we have made it as easy as tapping a button on the Luno app to open a staking wallet. There is a minimum deposit of 0.00001 ETH or RM1. This will appeal to those who are keeping their ETH for the long term,” Scarlett Chai, Country Manager for Luno, says.
For those that are unfamiliar with the crypto parlance, Staking refers to the act of…well, staking your cryptocurrency – in this case, ETH – to a particular project that uses the proof-of-stake consensus mechanism. The function basically came into prominence after The Merge, a move where Ethereum completed its transition from a proof-of-work (PoW) status to proof-of-stake (PoS). To put it in another way: now, instead of having to mine the coin like most cryptominers used to do, you depend on individuals and validators who can also put up their own ETH as collateral.
Luno says that it will offer an annual reward percentage of up to 4% per annum on staked ETH, subject to the network’s demand and the number of active validators. It also says that rewards are given every week and that it will not charge a fee to Staking or unstaking your cryptocurrency. However, there is a staking service fee that is deducted from the reward customers receive.
(Source: Luno)
