Kraken Launches a Staking Service
Main page News, Cryptocurrency Exchanges

Kraken has just announced the launch of a crypto staking service that will allow its users to earn rewards for simply storing certain tokens on the platform, the exchange has reported through its blog.

According to the exchange, this service will go live tomorrow and will be available to all users.

Users will reportedly be rewarded for storing certain cryptocurrencies based on the proof-of-stake consensus algorithm.

This new service will initially only allow Tezos staking. In particular, users who decide to take part in this activity will receive a fixed payment of 6%.

One of the main features that makes Kraken’s new service unique is the fact that users will be able to start earning rewards immediately, something that does not happen in other platforms in which users have to wait at least 21 days, or 7 cycles in the case of Tezos.

Even though Tezos will be the only token available on this staking service after its launch, the trading platform has said it plans to add new tokens in the future.

iHodl reported on Tuesday the hardware crypto wallet Ledger had started to give support to Tezos staking.

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