Luxembourg-based crypto broker Bitstamp has just announced the release of a new crypto staking programme called Bitstamp Earn for American investors.
The product is already available for investors outside of the US and allows traders to earn interest on their crypto by locking it away for extended periods of time where it is used to power blockchain transactions. Looking at Bitstamp Earn more specifically, it’s a turnkey Ethereum and Algorand staking solution.
The protocol will enable users to earn 4.39% APR on Ethereum taking and 5% APR on Algorand staking. It can therefore be a very profitable way to add some extra income to investors’ crypto portfolios.
However, the yields are not generated in the traditional way like other crypto interest accounts. U.S Bitstamp CEO Bobby Zegota highlighted that the protocol “is offering staking pure and simple” bypassing the traditional lending model that many other DeFi brokers use to generate yields for customers.
The move is part of a wider expansive phase that Bitstamp is currently undertaking. It has doubled its staff and highlighted a new product roadmap that it plans to undertake in the coming years.
How many cryptos can I stake on Bitstamp?
With the introduction of Bitstamp Earn, users can now stake ETH and ALGO. At present, these are the only two available cryptos to stake. The total number of cryptos on the platform is now 73, making it a great broker to build a diversified crypto portfolio with. In addition to this, three fiat currencies are supported – GBP, EUR, and USD.
The introduction of staking of other coins is likely to occur in the coming months, as the platform expands. When this process occurs, expect Bitstamp users to grow. At current, the platform is ranked #13 on Coinmarketcap according to its exchange score rating. It is yet to achieve the 600+ coins of Binance, but in the future could eat up market share if it continues to expand.
Cryptoassets are a highly volatile unregulated investment product. Your capital is at risk.
DeFi Coin (DEFC) – Undervalued Project
- Listed on Bitmart, Pancakeswap
- Native Token of New DEX – defiswap.io
- Up to 75% APY Staking
- Whitepaper and DeFi Tutorials – deficoins.io
Cryptoassets are a highly volatile unregulated investment product. Your capital is at risk.
Author: Dylan Hood
Dylan is currently an undergraduate study studying Politics and Economics in the UK. As a freelance writer he has already featured on several respected publications, including Buyshares and Motley Fool. He has a vast array of interests ranging from stocks and M&A to crypto, NFTs, and blockchain technology. Upon graduating,… View full profile ›