Ethereum Staking Now Available on Luno for Malaysian Users
by Fintech News Malaysia January 29, 2024Luno, a regulated digital asset exchange in Malaysia, has recently introduced Ethereum (ETH) staking, offering an opportunity for customers to earn ETH rewards on a weekly basis. This initiative positions Luno as the first regulated exchange in the country to provide such a feature.
Scarlett Chai
Scarlett Chai, Luno’s Country Manager for Malaysia, commented on the launch, stating,
“At Luno, we’re on a mission to improve our product continuously and we’re thrilled to be the first regulated exchange to bring Staking to our Malaysian customers.”
“By adding staking, we are giving customers the opportunity to explore more of what crypto has to offer,”
she added.
The Luno staking feature, currently supporting Ethereum, allows users to earn up to 4% per year in ETH, with the rate subject to fluctuations based on network demand and validator activity.
Staking in the cryptocurrency domain is a process that contributes to transaction verification, especially in systems that use a proof of stake mechanism, such as Ethereum. By staking their crypto, users see an increment in their holdings through rewards, although these staked coins are locked from selling or transferring until they decide to “unstake.”
The staking process is designed to be user-friendly, with a minimum deposit requirement of 0.00001 ETH or RM1, appealing to those who plan to hold ETH long-term.
Luno offers up to 4% annual rewards on staked Ethereum, although the exchange says this figure can vary with network conditions. The staking service is accessible to a wide audience, requiring a minimal investment and no technical expertise, but it does include a fee deducted from the rewards.
Scarlett further advised customers to exercise due diligence and informed decision-making in cryptocurrency investments.
Following South Africa, Malaysia is the second market where Luno has introduced staking for its clients. Luno also plans to launch staking for Cardano (ADA) soon, expanding its staking options for customers.
Featured image credit: Edited from Luno
