Upbit launches beta version of staking service

On September 29, Cryptocurrency exchange Upbit announced that it has released cryptocurrency staking service. ‘Upbit staking’ is a service in which a customer entrusts digital assets to blockchain operation through a staking exclusive wallet managed by DXM, a staking consignment operator, and receives compensation accordingly. Assets staking by customers are managed separately in the wallet. Compensation varies according to the compensation rate and compensation cycle for each asset, not on a snapshot basis. You can check the reward rate in real time. Customers who want to use can sign up for the service through the ‘staking’ menu at the top of the Upbit homepage, and then select the desired digital asset and quantity. Digital assets staking by customers are transferred from the Upbit account to the staking wallet. Customers can check the time it takes to actually stake for each asset. Upbit is holding an event to commemorate the opening of the beta service, and during this period, ‘Find’ (unstaking) service is provided free of charge. The ‘Upbit staking’ beta service can only be used through the Upbit PC website. Currently, it supports staking for a total of 4 digital assets, including TRON (TRX), MARO (rebranded in TTC), LUNA, and Cosmos (ATOM). During the beta service period, a staking limit of KRW 50 million per member account is applied. Dunamu plans to add a staking service mobile platform and expand digital assets that can be staking based on the opinions of customers and blockchain projects accumulated during the beta service period within this year. Meanwhile, Bithumb and Coinone, one of the three major exchanges in Korea along with Upbit, are already providing staking services. Bithumb introduced a staking service in April. With this service, even if you only have a specific virtual asset, you can automatically receive an annual interest rate as a reward every day. At the time, Bithumb held an IOST airdrop event, the first open product, to commemorate the launch of the staking service. Coinone provides ‘staking’ and ‘daily staking’ services through ‘Coinone Plus’, a platform that can generate reward revenues using virtual assets held by customers. Staking is a service in which customers earn interest income by entrusting to the blockchain staking system through the Coinone node. Daily staking is a service in which interest income is automatically paid every day just by holding the corresponding virtual asset. ※This article is published with the permission of Blockmedia.

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