Learning about crypto staking platforms is important for people who are interested in the crypto space and are looking for new ways to benefit from everything it has to offer. There are a lot of opportunities for people in the crypto space, which go beyond then simply buying, selling and trading crypto. However, there are also a lot of risks and challenges, one can face if they do not have some helpful and necessary information.
This is why, it is essential to take time and learn as much as possible about what the crypto space offers. The more information you have, the easier the overall experience of dealing in crypto can be for you. This would apply to whether you are purchasing it, selling, trading or even hodling it.
Therefore, in order to learn about staking, you should take a look at the information below. You will also get a good idea of some of the top crypto staking platforms that are mentioned in this article.
Crypto Staking Platforms – What is Meant by Crypto Staking
Before you start exploring the platforms that support crypto staking, it is important to know what staking is.
Crypto staking allows the people who own crypto to put their assets in a collective pool or wallet. In return, the crypto owners can get rewards for placing their crypto in a collective place.
This system is only possible on proof-of-stake (PoS) blockchains and it requires staked tokens to validate the transactions. The PoS system helps the network in reaching a consensus. Simultaneously, it also rewards the people who stake their crypto and contribute to the entire process.
It is also important to note, before exploring the various crypto staking platforms, is to know which digital assets support staking.
There are only a handful and are mentioned as follows:
- Ethereum 2.0
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Top Platform that Support Staking
There are a few platforms that support staking. However, there are a few platforms that supersede others in terms of features and services offered.
Therefore, if you are interested in staking then you need to know about the top crypto staking platforms as mentioned below.
One of the best crypto staking platforms available in the industry is Bitstamp. This is also a prominent exchange in terms of the total market cap.
Even though there are a few exchanges that support staking, they vary from each other based on a few features.
This crypto staking platform gives out staking rewards to users if they hold crypto for a set time. At the time, Bitstamp only supports two digital currencies for staking that are:
- Algorand (ALGO) – the rewards for ALGO are sourced from Algorand Community Governance Program and is distributed on a quarterly basis.
- Ethereum (ETH) – the rewards for ETH are distributed on a monthly basis.
Binance is not only among the top crypto staking platforms but is also the largest crypto exchange in the world. It extends its services to millions of users around the world and is known for a lot more than its competitors.
This exchange has one of the biggest and impressive collection of staking coins, which is more than 100.
Another prominent aspect of the Binance exchange is that it does not charge any fee for staking and supports two types of staking that are:
- Flexible – it gives a lot of freedom to the users but the rewards for staking are reduced
- Locked – it holds the funds or crypto assets for a fixed period of 30 days but gives a flexibility of 10 to 15 days to some assets.
The KuCoin exchange is also one of the best crypto staking platforms and is also a prominent name in the crypto industry. It is a user-friendly exchange and is one of the best options for people who are new to the crypto space. It generally supports soft staking, which means there are no hard locking period.
This type of staking also comes with a redemption period, which is a duration during which the users can stop staking the assets and can get their rewards. They can also get their staked funds.
One of the top crypto staking platforms is the Kraken exchange. This platform is one of the oldest, versatile and trustworthy exchange that is known for its high-end features.
When it comes to staking, it is not only a suitable option but it enables users to stake 12 cryptocurrencies with unstaking support.
This platform does not have a bonding period and allows the users to get their staking rewards without any delays.
Understanding what staking is and what some popular and prominent crypto staking platforms are can greatly help you to determine how you want to proceed in the crypto space. If you are new to the crypto space, you should have the information mentioned above.