Social trading platform eToro announced on Thursday (October 1) that its users could now earn a monthly passive income in the form of staking rewards simply by keeping their ADA and TRX holdings on eToro; the “first wave” of staking rewards will be distributed in November.
The rewards are more of the tokens being “staked,” which means that “users grow their cryptoasset holdings, using a similar mechanism to the way in which a person can earn interest on money.” eToro say that the cryptoassets being staked “remain the property of the eToro users.”
Users on eToro USA LLC, eToro (UK) Ltd., or eToro (Europe) Ltd. are eligible to use eToro’s staking service providing they have the supported cryptoassets (currently, only ADA and TRX are supported). eToro goes on to say that “the positions need to have been open for a certain number of days, which varies according to the blockchain network of the cryptoasset in question.”
A spokesperson told CoinDesk that this service would be free for eToro clients.