Cryptocurrency exchange Crypto.com has announced that it has opened access to on-chain staking on selected markets through its app.
This new feature allows users to earn rewards by actively supporting a project of their choice.
Staking allows users to contribute their tokens to certain Proof of Stake (PoS) networks, according to the Crypto.com website. By locking their tokens, they help secure the network and verify transactions, and in return, they are rewarded with newly minted tokens from the network protocol, which are distributed proportionally after fees are deducted.
On-chain staking in the Crypto.com app allows idle assets to run and generate revenue in the form of rewards. In addition, the exchange has no lock-in period, allowing users to place or withdraw their assets at any time.
Initially, Crypto.com has integrated three blockchains into its staking feature: Ethereum (ETH), Solana (SOL), and Polkadot (DOT), but the exchange intends to expand the list of protocols in the near future.
It should be noted that this service is not available to citizens or residents of the United States and its territories, including Australia, Canada, South Korea, Singapore, Thailand, Malta, and Hong Kong.
Earlier, Crypto.com opened its first Global Innovation Lab in Singapore.
