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

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In Brief
  • eToro has added staking capabilities for ADA and TRX.

  • The exchange said in a tweet that staking for more crypto assets is in the pipeline.

  • Binance announced it is cancelling flexible staking.

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eToro is grabbing hold of the DeFi craze. The online trading company, which has registered offices in Cyprus and the UK, has added staking capabilities for Cardano (ADA) and Tron (TRX).



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.

Source: Twitter

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.

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.

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.

Source: eToro

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.

Users were disappointed,

Source: Twitter

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.

Disclaimer

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Gerelyn caught wind of bitcoin in mid-2017, and after becoming smitten by the peer-to-peer nature of crypto has never looked back. She has been covering the space ever since. Previously, she wrote about traditional financial services, Wall Street and institutional investing for much of her career. Gerelyn resides in Verona, N.J., just a hop, skip and a jump from New York City.

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