Crypto.com App Introduces On-Chain Staking

Crypto.com has recently launched on-chain staking services for its users. This offering, currently available in select markets, allows users to stake their assets to support projects while earning returns over time.

Crypto.com Exchange is a cryptocurrency exchange platform that offers a wide range of cryptocurrencies for buying, selling, and trading. With its user-friendly interface, advanced trading features, and diverse selection of trading pairs, Crypto.com Exchange supports popular cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and various altcoins.

According to the crypto firm, on-chain staking works by enabling users to participate in a specific Proof of Stake (PoS) network. Users lock up their tokens, contributing to the network’s security. 

These staked assets remain locked for a certain period, allowing validators to verify transactions and receive compensation for their services. Validators then distribute rewards to all stakers based on a predetermined plan.

Although staking on Crypto.com does not require a compulsory lock time, users have the freedom to stake and unstake their assets at any time. 

Crypto.com announced that Ethereum (ETH), Solana (SOL), and Polkadot (DOT) blockchains will be available for this launch, with more protocols coming soon.

As part of its seventh-anniversary celebrations, Crypto.com has been expanding its operations globally. In December 2022, it obtained a license to operate as a digital payment organization in Brazil. 

The company also acquired a VASP license in Spain and recently revealed plans to launch a digital hub in Singapore.

Unlike exchanges such as Binance and Coinbase, which have faced SEC probes, Crypto.com appears to be unaffected by the same US authorities.

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