Can you stake Crypto on CoinSpot?
Coinspot have officially announced that they have added staking on there platform
They have made it super simple for you to earn passive income by letting your coins work for you. CoinSpot offers native staking solutions for Proof-of-Stake coins including Solana, Polkadot, Cardano, Algorand, Fantom and many others. You can earn yields of up to 20% APY by staking digital assets on the CoinSpot platform.
To stake your coins today, just head over to the staking page!
What is Staking?
The easiest way for anyone to take advantage of staking is through a Staking Pool. A staking pool allows you to pool your assets with other users into a total ‘pot' and the rewards are then distributed equally amongst the investors. By pooling your assets, you increase the chance of being awarded new blocks of coins when they are discovered through staking.
How to stake Crypto using CoinSpot
It's easy to start staking on CoinSpot. The following steps are what you will need to stake your cryptocurrencies in your wallet.
Register a account on CoinSpot
Make a deposit of AUD in the account
Purchase a Staking Eligible coin (for example Algorand)
Go to you Algorand wallet in CoinSpot
Input the amount of Algorand you would like to stake
Then click 'Stake;.
When you stake your cryptocurrency, you will start to earn passive rewards paid out to your wallet weekly.
What Cryptos can you stake on Coinspot?
As of writing this blog the current available cryptos for staking on the Coinspot are as follows:
Algorand (ALGO)
Avalanche (AVAX)
Axie Infinity (AXS)
Binance Coin (BNB)
Cardano (ADA)
Crypto.com (CRO)
Cosmos (ATOM)
Elrond Gold (EGLD)
Fantom (FTM)
Polkadot (DOT)
Solana (SOL)
Terra (LUNA)
Tezos (XTZ)
Tron (TRX)
Verasity (VRA)
Wanchain (WAN)
Ziliqa (ZIL)
Source: Crypto Buy Guides