On November 24th, South Korea’s leading crypto bank Delio (CEO James Jung) announced a staking service launch for five digital assets such as Solana (SOL), Polkadot (DOT), Tezos (XTZ), Cardano (ADA), and Kusama (KSM).
Staking offers crypto holders a way of putting their digital assets to work and earning passive income. Users can participate in the platform’s operation and earn rewards on cryptocurrency they own by depositing them and exchanging staked coins for interest rewards.
However, not all coins can be staked. Among the consensus algorithms, staking is only available to cryptocurrencies that use the Proof of Stake (PoS) and Delegated Proof of Stake models to validate transactions. Proof-of-stake refers to a method of ensuring the stability of the network by validators generating and verifying blocks of the blockchain-based on stake, meaning that the more validators stake, the more rewards they will earn. In other words, a stake is required to participate in a proof-of-stake (PoS) network. Moreover, speakers receive rewards if they deposit coins in the blockchain either directly or through a validator. These include Tezos (XTZ), Cosmos(ATOM), and Ethereum 2.0.
Aiming to provide the opportunity to earn more on the crypto, Delio launches a staking service with the lowest fees possible. Most current staking service providers have voiced safety concerns over foreign services, while domestic companies such as Upbit and Coinone impose a fee of up to 10% of the staking operations. On the other hand, Delio charges a staking service fee of between 3% and 6% for each digital asset to maximize client earnings and offer safe services.
Furthermore, Delio offers an annual reward of up to 16.17% for each digital asset. It plans to add more than 60 crypto assets, reaching Korea’s largest staking service.
According to a Delio representative, “We have introduced a competitive staking service exclusive to crypto enthusiasts providing safe ways to earn on digital asset services. In the future, we aim to provide our customers with the staking service for over 60 cryptocurrencies, including Ethereum 2.0.”
Delio is Korea’s largest one-stop cryptocurrency financial service provider that obtains a Virtual Asset Service Provider (VASP) certificate. Delio provides safe crypto-back services such as savings, lending, and Vault. Using the Delio staking service is secure as it is carried out through the Crypto bank service. Moreover, customers can get consultations on service use by running the Delio Lounge in Gangnam district, South Korea.