Key takeaways:
- Crypto.com now allows you to directly stake CRO and MATIC tokens on their respective blockchains from within the Crypto.com app
- This provides security benefits since your coins stay in your wallet, and you earn regular rewards just for helping secure the networks
- The staking process is simple- just a few taps within the app – and your rewards arrive automatically at daily or even more frequent intervals
Cryptocurrency exchange Crypto.com recently announced support for on-chain staking of Cronos (CRO) and Polygon (MATIC) tokens in their mobile app. This new feature allows users to earn passive income on their crypto holdings with just a few taps. Let’s dive into what on-chain staking is, and why Crypto.com adding CRO and MATIC is big news for crypto investors.
CRO joins an expanding list of currencies supported for on-chain staking on the app, including Polygon (MATIC), Ethereum (ETH), Solana (SOL), and Polkadot (DOT).
What is on-chain staking?
Staking essentially means locking up your crypto assets to help secure a blockchain network. In return, you earn rewards or interest on your staked assets. It’s a great way to earn passive income on your idle crypto holdings.
With on-chain staking on Crypto.com App, your CRO remains on the Cronos blockchain when staked. This is different from Crypto.com’s other Earn program which lends out your crypto. The main benefit of on-chain staking is added security since your assets never leave your wallet.
Crypto Earn loans out assets to institutional borrowers, so your coins are locked up. With CRO staking, you can withdraw anytime since the assets stay in your wallet.
Benefits of CRO on-chain staking
Staking CRO directly on Cronos provides two key benefits:
- Earn rewards often daily: You can earn staking rewards in CRO as often as daily. Crypto.com announced on Twitter that stakers can earn “rewards as often as daily” by staking CRO.
- Help secure Cronos: By staking CRO, you help validate transactions and secure the Cronos base chain. This is important for the blockchain’s integrity.
Long-term CRO investors can also read our CRO price prediction for 2040 and 2050.
#CroFam, we’re pleased to announced that $CRO is now available for on-chain Staking in the Crypto․com App!
Start staking to secure Cronos base chain and receive rewards as often as daily?
Stake now ? https://t.co/UJXiZukb6V @cronos_chain pic.twitter.com/NEFYTRZ7n4
— Crypto.com (@cryptocom) July 27, 2023
How to stake CRO on Crypto.com App
To get started with CRO staking, simply open the Crypto.com App, navigate to “Accounts” and select the “Cronos” wallet. Tap “Stake” and choose how much CRO you want to stake. Confirm the details, and you’re all set!
The staking process is similar for MATIC, ETH, SOL, and DOT, which are also supported. Staking rewards will automatically be credited to your wallet daily. You can conveniently unstake your assets anytime without locked periods.
Do note staking rates vary by blockchain. You can check in-app for latest rates.
On-chain staking is available to most Crypto.com App users globally. The only caveat is currencies may be geo-restricted in certain jurisdictions. So do check in-app if CRO or MATIC staking is enabled for you.
As blockchains like Ethereum transition to proof-of-stake, staking is only set to gain prominence.
This is also an innovation by Crypto.com to increase CRO token usage and adoption. Meanwhile, the CRO token price has risen by 4.9% in the last 30 days.
About Crypto.com
Crypto.com has quickly become one of the most popular cryptocurrency trading platforms, providing users with a suite of products and services for buying, selling, earning, and securely storing digital assets. Crypto.com stores the vast majority of assets in cold storage, has extensive insurance coverage, and undergoes regular proof of reserves audits. The exchange is also SOC 2 and ISO 27001 certified.
The Crypto.com App and Exchange give users access to over 250 cryptocurrencies, including staples like Bitcoin and Ethereum as well as lesser-known altcoins. You can buy and sell crypto at true cost with bank transfers or debit/credit cards in various fiat currencies.
If you want to explore additional safety-focused trading platforms, check out our selection of the safest crypto exchanges.
