eToro Adds ADA & TRX Staking With More Crypto Assets in the Pipeline

eToro said it’s one of the first exchanges to support staking newcomer ADA. The crypto community cheered the development, including Tron Founder Justin Sun, who could likely use a little positivity these days.

One twitter follower pressed the company on whether it would add staking for other cryptocurrencies, such as Tezos (XTZ), in response to which eToro said,

We’re working on plans to support more crypto assets in the future.

Grow Your Crypto While You HODL!🙌

eToro users can benefit just from owning cryptoassets. With eToro’s dedicated staking service, users enjoy simple, secure, and hassle-free growth on their cryptoasset investment.

Read all about eToro Staking:https://t.co/ZUIP0GFxoU 👇

— eToro (@eToro) October 1, 2020

eToro chief Yoni Assia told Forbes that, in fact, the company has Tezos, in addition to NEO and EOS, in its sights for staking. Additionally, he stated,

We are proud to be one of the first regulated platforms to offer a staking service for Cardano and will be further expanding our staking service in the coming months.

Ethereum Elephant in the Room

eToro’s Assia mentioned that the company is preparing for the eventual unveiling of Ethereum 2.0 and the shift to the POS chain, saying,

We are also working with the Ethereum community to be able to offer staking on ETH2.0 when it moves to proof of stake.

eToro will make the payouts monthly, which appears to be a trend of late, as companies look to offset the sky-high gas fees on Ethereum, not to mention the lengthy transaction confirmation times.

Ethereum is damn near unusable right now.

I can only imagine what retail will think if they eventually come into this market and face $50+ gas fees and 10+ minutes transaction confirmations.

— Ryan Watkins (@RyanWatkins_) September 17, 2020

Users holding ADA or TRX on eToro USA, UK, or Europe can participate by staking their coins in exchange for yield, a percentage of which goes to the exchange as a fee.

Binance Flip Flops

On the same day that eToro expanded into the world of staking, another cryptocurrency exchange is taking a step back. Binance announced that it would discontinue flexible staking, starting on Oct.1.

#Binance Discontinues Flexible Stakinghttps://t.co/166YXWSnlL

— Binance (@binance) October 1, 2020

Users were disappointed,

Binance will pay the balance of earnings by Oct. 20. The changes are a reminder that DeFi is still very much an experiment, one whose rules continue to change every day.