CEX.IO offers increased staking rewards in July

By: Ali Raza
Ali Raza
Ali plays a key role in the cryptocurrency news team. He loves travelling during his spare time and enjoys… read more.
on Jul 9, 2020
Updated: Jul 20, 2020
  • As the number of crypto staking offerings grow, CEX.IO stands out with its flexible, user-friendly service.
  • To appreciate the growing interest in staking services, CEX.IO offers a special July deal for its customers.
  • Staking ATOM, XTZ, ONT, NEO, & TRX brings 10% higher than regular estimated annual yield rewards in July.

Staking has been a major topic in the cryptocurrency industry recently, and a growing trend around the world. With more and more people believing in a crypto-based future, there is no lack of those who are willing to HODL their funds and wait for the price surges of the future.

Meanwhile, platforms like CEX.IO have provided them with a way of earning a profit with their dormant coins, where the coin holder doesn’t have to do anything. This is what crypto staking offers.

What is crypto staking?

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In general, staking means participating in the governance of a blockchain that supports Proof of Stake as a consensus mechanism (a method of making decisions). This participation is done by delegating coins to someone who runs a node – the software dedicated to making decisions for the blockchain. Your coins, along with the coins of others, delegated to this node, are locked in a special address while participating in staking.

The more coins delegated to a node, the higher voting power it typically has. In exchange for delegating the coins to support a node, a coin holder receives rewards – a portion of coins emitted by the network.

Being a form of a passive income, staking has grown so popular that plenty of platforms decided to jump on the bandwagon and offer it to their own clients.

However, CEX.IO is interesting due to a different approach, as well as a special offer that the exchange recently announced.

How does CEX.IO approach staking?

CEX.IO has been a major player in the crypto industry since 2013. It understands that the crypto world is still not simple enough, which is why the platform itself made an effort to simplify the staking process as much as possible.

Speaking about staking itself, it’s a complex process. If users decide to participate in it on their own, they will need to dig into technicals — learn how to run and maintain a node, how to delegate coins, and so on. CEX.IO Staking takes care of the technical side.

Hence, it allows anyone to join and participate in staking, without having to be particularly tech-savvy.

Next, the exchange is also offering flexibility. There are quite many exchanges and staking providers who offer staking service to the customers. However, some of them lock coins for the period of staking, which means users don’t have access to them for some period. Even removing a coin from staking can add more time that the coin is not available to its holder. CEX.IO Staking doesn’t lock funds. Users are in full control of their assets.

Users can trade their tokens while staking, and their rewards will still be calculated as long as the tokens remain in the users’ accounts. This will not change even if the user uses their tokens to place an order. But, if the order is fulfilled, and the amount of coins changes, the rewards will be re-calculated and changed accordingly, as well.

This is where CEX.IO Staking flexibility lays.

Lastly, CEX.IO also announced a special July offer, where the service increased staking rewards by as much as 10% of the regular annual estimated yield over the duration of the month.

The service offers staking for several different cryptocurrencies, including TRX, MHC, ONT, NEO, XTZ, and ATOM.

How to participate in staking on CEX.IO?

The platform is focusing heavily on simplicity, and so participating in staking is rather straightforward. All that users need to do is open an account, and purchase one of the stake-able tokens on the exchange, or deposit them in their CEX.IO account.

That’s all it takes. The staking rewards will then be added to the users’ balance automatically, and there are no additional actions that are needed.

The simplicity and flexibility of the CEX.IO Staking make it a convenient and hassle-free way to earn. An advanced cryptocurrency enthusiast or a complete novice, everyone can take advantage of staking, a new way to engage with the crypto economy, without
having to dive into complex technical details.

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