Crypto investors in Malaysia can now also stake Cardano (ADA) through Luno as the digital asset exchange (DAX) has enabled the new feature on its platform. This latest update came just almost a month after launching its Ethereum (ETH) staking feature earlier this year.
In an announcement post on its social media account, Luno shared that you can earn rewards in ADA of up to 3% p.a. via this feature (although details shared in the Luno app itself indicated a higher estimate of up to 3.3% p.a.).
Aside from that, Luno also noted that the estimated first reward will be paid within 12 days, whereas the reward interval for subsequent rewards will be five days. These will be paid to your ADA staking wallet, which is a separate wallet from your ADA wallet, and is automatically created for you for staking.
As for fees, Luno said that it does not charge a fee when you stake or unstake your crypto, but there is a 20% staking service fee, which will be deducted from the reward that you receive. This is slightly lower than the service fee for ETH staking, which stands at 30%. Do also be aware that Luno’s staking feature has not yet been assessed for shariah-compliance.
To explain, staking is described as a way for investors to earn additional rewards by locking away their crypto assets to help with the verification of transactions on crypto networks that use the proof of stake consensus mechanism. Upon staking your crypto, you will not be able to sell or send your coins until you unstake it again. The unstaking process – which involves removing your coins from your staking wallet – is usually instant.
Aside from Malaysia, Luno’s staking features are also currently available only in one other country, namely South Africa. ETH and ADA staking were both rolled out for South Africa back in June and November 2023, respectively.
(Source: Luno)
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