Today, the rapidly growing crypto exchange Finst debuts its staking service, offering higher rewards than its competitors.
Through staking, investors in Proof-of-Stake digital currencies like Ethereum can earn extra tokens without actively trading. Staking involves locking up your crypto coins to earn rewards. Finst pledges the highest rewards in Europe for well-known coins. For Ethereum, rewards can reach up to 3.30%, slightly more than what you’d get with competitor Bitvavo.
Seven coins
Starting today, Finst’s platform allows users to activate staking across seven major Proof-of-Stake blockchain networks. Staking rewards are also available in crypto bundles, enabling immediate investment in a basket of cryptocurrencies.
User-Friendly Approach
Typically, setting up a node for staking involves technicalities and specific rules. Maintenance of the node is crucial, and sometimes there’s a minimum amount required for staking eligibility. Additionally, there might be lock-up periods during which your coins are inaccessible. With its staking service, Finst aims to eliminate these barriers, making it easy for everyone to access staking rewards.
Finst customers can activate staking with a single click, without any minimum amount required. Rewards accumulate daily and are distributed weekly on Mondays.
Julien Vallet, CEO & co-founder, commented: “We understand the importance of staking for investors, which is why we invested heavily in tailoring a secure solution that combines the best of all worlds. Until now, investors had to choose between flexibility and high staking rewards, even at the largest CEX and DEX. With Finst, they get both, as our proprietary staking technology takes away all the complexity to provide a seamless experience. Developing such a complex service was no easy task, but we wanted to provide a unique solution without making any compromise. We are proud of this newest addition, which brings a powerful solution to investors and contributes to creating a real level-playing field in the industry.”
Risks to Consider
While staking sounds enticing, it’s important to recognize associated risks. A 5% staking reward might feel meager if the value of the crypto coin plunges by 70%. Moreover, blockchain networks may encounter vulnerabilities that hackers exploit, resulting in fund theft.
