Luno Launches Ethereum Staking in Malaysia, Offering Up to 4% Annual Rewards

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Luno, the leading regulated digital asset exchange in Malaysia, has introduced Ethereum (ETH) staking, allowing customers to earn weekly ETH rewards by contributing to the network's integrity. Scarlett Chai, the country manager for Luno Malaysia, expressed excitement about being the first regulated exchange to offer staking services to Malaysian customers. Initially focusing on Ethereum, Luno's staking feature enables customers to earn up to 4% annually in ETH by holding their coins in a staking wallet. The reward rate is variable based on network demand and active validators, with rewards distributed weekly to help customers grow their stake and maximize their rewards.

Through staking, customers can increase their crypto holdings through rewarded rewards. While their coins are staked, customers are unable to sell or transfer them but can choose to "unstake" at any time to retrieve their coins from the staking wallet. With a minimum deposit requirement of 0.00001 ETH or RM1, this offering targets individuals interested in holding ETH for the long term.

Following South Africa, Malaysia becomes the second country where Luno has launched staking services for its users, emphasizing its commitment to driving crypto adoption through innovation and customer-centric product development. Staking involves earning rewards by participating in verifying cryptocurrency transactions, particularly in projects like Ethereum that utilize a proof of stake consensus mechanism. To partake in this process, individuals must commit a certain amount of cryptocurrency as a deposit.

Luno offers an annual reward percentage of up to 4%* on staked Ethereum, subject to network conditions, with rewards distributed weekly. While there is no fee for staking or unstaking cryptocurrency on Luno's platform, a staking service fee is deducted from the rewarded amount. This approach aims to make staking more accessible to everyday users, requiring a minimum stake of 0.00001 ETH or RM1 without necessitating advanced technical knowledge.

Scarlett Chai advises customers to conduct thorough research and exercise caution before investing in any cryptocurrency. By introducing staking services, Luno aims to broaden customers' exposure to the possibilities of crypto investing and facilitate accessibility for individuals from various backgrounds. Additionally, Luno plans to launch staking for Cardano in the near future.