Trading platform eToro launches Staking-as-a-service feature

Users automatically receive rewards on some of their crypto positions.

The eToro trading platform announced on Thursday the launch of a dedicated staking service for its clients, letting users earn staking rewards from Cardano and Tron.

Users who hold positions in either of these currencies will be eligible for staking rewards, awarded monthly.

An eToro spokesperson told Cointelegraph that the rewards are calculated based on daily snapshots taken at 00:00 GMT. The system calculates the corresponding reward to be distributed at the end of the month based on an average daily position size.

An initial "Intro period" is required to become eligible for rewards.

Users must hold the asset for a certain period of time before accruing any rewards.

The spokesperson noted that the yield is only compounded monthly, which over time would lower the staking yield significantly compared to independent staking.

"Clients staking on eToro benefit from doing so on a regulated and globally trusted platform. We also believe staking rewards on our platforms are among the most generous in the market, from a minimum of 75% of the staking yield."

Cardano launched staking on mainnet late in July, after extended trials on an incentivized testnet.

Staking-as-a-service platforms have been growing recently, with eToro competing with many exchanges and independent staking providers like Binance, Bison Trails, Coinbase and others.