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Staking is a way to earn rewards on your crypto by participating in the block creation and validation process for a Proof-of-Stake network.
Simply put, you are locking up the crypto you already hold, putting it into a staking pool, and the pool will use those coins to help validate transactions.
Rewards, from staking, are earned for validating transactions and producing blocks on the blockchain. Earned rewards generally come from a combination of transaction fees and new token emissions.
For putting your holdings into a pool you get paid rewards. The rewards are paid out frequently, and you will clearly see your staked assets in your account and the rewards you earn at all times - just like all of your holdings with Bitbuy.
Simply put - a HODLER of crypto. If you are already planning on holding a crypto coin for a long time, why not earn some rewards for putting your crypto to work? HOLDERS love staking because it tends to be significantly less risky than some of the other ways people make rewards in crypto, such as higher risk borrowing/lending. Staking is considered by some to be on the lower end if the risk curve for earning rewards for HODLERS. If holding already, why not make some rewards while you wait?
We plan to launch staking for Solana (SOL), Ethereum (ETH) and Polkadot (DOT) with support for more coins to come.
There are 100+ staking products we have available but are selective about what we make available to our Users given our regulatory status. Full details and timelines will be announced closer to launch.
Your staking rewards will be automatically added to your Bitbuy account. Distribution schedule will vary depending on the coin.
For example, if you are staking 100 SOL, and the estimated annual reward yield is 10%, over the course of a year, you would expect to have 110 SOL (the 100 you initially staked, and the 10 you earned in staking rewards).
Your staking rewards will be generated from your participation in a staking node. Your rewards will NOT be generated from lending out your crypto assets.
Your staking rewards will be automatically accrued and paid out as long as your crypto remain staked, based on the blockchain network's variable APY.
The estimated APY changes depending on many factors related to the coin, but generally so as long as the administrator of the node (our Institutional partners) do a great job, the rewards from staking will be paid to you. Recall, when you stake with Bitbuy, the control over your initial staked amount never leave the control of our cold storage qualified custodian. Therefore, your initial staked amount is always secure with our cold storage custodian, even when staked.
Your staked crypto assets will be stored in institutional-grade cold storage provided by BitGo, a market leader in compliant digital asset custody solutions. Your staked crypto assets will also be covered by BitGo’s comprehensive insurance policy, as well as Bitbuy’s crime policy.
For Ethereum staking, it will be locked in a deposit smart contract which remains in the control of BitGo on behalf of Bitbuy.
Staking rewards will launch on the Bitbuy desktop and mobile app in September 2022 or sooner. We are working with two of the world's largest institutional staking providers every day to bring the highest quality regulated staking product to you.
Enter your email address above to receive first access and start staking on Bitbuy once we launch.
It will be as easy as using the rest of the Bitbuy platform. If you hold a coin, with just a few clicks your coins will be staked. It will be just as easy to stop staking when you want your funds unlocked and made available for trading in your account again.
Bitbuy was designed for both new traders seeking a simple interface and for advanced traders who know their way around the crypto world. We understand that getting started with cryptocurrency can seem a little daunting and our goal is to make the process easier for you.