Luno, one of the leading cryptocurrency platforms, has launched crypto staking in Nigeria, marking a significant milestone for the country’s digital asset ecosystem.
What is Crypto Staking?
Crypto staking involves locking up or holding specific cryptocurrencies in a wallet to support the operations of a blockchain network. In return, participants earn rewards, typically in the form of additional tokens. It is similar to earning interest in a traditional savings account, but with potentially higher returns.
Opportunities and Benefits for Users
Luno supports four proof-of-stake assets: Cosmos (ATOM), Solana (SOL), Polkadot (DOT), and NEAR Protocol (NEAR). Users can earn up to 18% annually without fixed lock-up periods, making staking options accessible for both beginners and seasoned investors. Nigeria's crypto market continues to grow, creating a substantial potential for debt adoption.
How to Start Staking on Luno Platform?
To get started, users need to download the Luno app, create an account, and complete the verification process. Afterwards, they can deposit funds or purchase one of the supported assets for staking. However, users should be mindful of the risks associated with price volatility and potential network issues.
The launch of Luno's crypto staking in Nigeria is a significant step forward, offering users a safe and flexible way to invest in digital assets.
