VALR Launches Staking On SOL And Avax Blockchains
South African crypto exchange, VALR has launched staking, allowing customers to earn up to 5.9% in additional coins on two cryptocurrencies. VALR’s staking service will initially support two cryptocurrencies and their respective blockchains, that is to say, Solana (SOL) and Avalanche (AVAX).
By Anna B Kiwanuka
VALR, the largest crypto exchange in South Africa in terms of trading volume, has introduced a new product called Staking, enabling its customers to earn an annual percentage rate (APR) of up to 5.9% on selected crypto assets. The staking service offered by VALR initially supports two crypto assets and their respective blockchains: SOL (Solana) and AVAX (Avalanche).
Staking provides VALR users with the opportunity to earn additional coins as rewards by contributing to the security and validation of transactions on a blockchain network in an energy-efficient manner. Staking primarily takes place on Proof-of-Stake blockchains, which differ from the more energy-intensive Proof-of-Work blockchains like Bitcoin.
Farzam Ehsani, Co-founder and CEO of VALR expressed enthusiasm about introducing this innovative product to the market. He highlighted that VALR handles all the technical aspects of on-chain staking, making it easy for customers to utilize their crypto assets. Furthermore, customers can stake and unstake their assets at any time, giving them control and flexibility over their holdings.
Ehsani also emphasized that VALR never lends out customer funds to third parties, ensuring that the funds remain securely in VALR’s custody at all times. The staking rewards are generated directly from the blockchain protocol itself, which underscores the fundamental advantage of staking.
Established in 2018, VALR has achieved a trading volume of over $10 billion and raised $55 million since its inception. The exchange offers customers the ability to trade bitcoin and a wide range of other crypto assets at some of the lowest fees globally. VALR now serves over 450,000 retail customers and more than 800 corporate and institutional clients worldwide.
Recently, VALR obtained approval to provide crypto services in Europe and is currently in the process of acquiring licenses in Dubai and Mauritius.
VALR’s staking service launch follows closely on the heels of rival exchange Luno’s introduction of Ethereum (ETH) staking. Luno customers can now open a staking wallet and earn up to 4% per year in ETH through this service.