Upbit, the largest Korean crypto exchange, has recently enabled CRO staking for its users, giving them an additional way to earn staking yield. Cronos is the Layer 1 blockchain developed by Crypto.com, with CRO serving as its native token for network security, fees, and staking rewards.
There has been a significant increase in investors seeking yield as staking offers a consistent return on assets similar to the way that traditional stocks pay dividends.
Upbit, despite its size, only offers a small selection of six digital assets on its staking list. The staking coins it supports are: Ethereum, Cosmos, Cardano, Solana, Polygon and now Cronos.
This is a smaller list than other exchanges, like Coinbase for instance, and it’s a sign of confidence in the Cronos network to be included on Upbit.
Why South Korea Matters for Cronos
South Korea is one of the most active crypto markets globally, this integration of CRO staking will greatly help its visibility and legitimacy in the region.
On top of this, it could serve as a launchpad for Cronos as it seeks to expand across Asia. There is also a strong local interest for crypto yield products.
According to Ryan Wyatt, CEO of Cronos Labs, “This partnership with Upbit represents a deliberate step towards expanding participation in the Cronos ecosystem in one of the world’s most active crypto markets”.
Staking on Korean Crypto Exchanges
In order to stake on Korean crypto exchanges and indeed most exchanges across the world, KYC verification is invariably required.
That said, not all users are comfortable with KYC, often citing privacy concerns and the risk of sensitive personal data being exposed or misused.
That concern is well-founded given the history of Korean crypto exchanges being hacked. Upbit was hacked in November, most likely by North Korea’s Lazarus group, a state sponsored hacker organization. $30 million worth of Solana tokens were stolen on this occasion.
The hack came exactly six years after their first hack in 2019, which was later confirmed to have been perpetrated by the North Korean Lazarus group.
What’s clear is that exchanges will continue to be a prime target for hackers given the large amounts of crypto assets stored on these platforms.
Alternative Staking Platforms
For those seeking alternatives to exchanges, without the need for KYC requirements as well as full control over your private keys, self-custody wallets are the ideal alternative.
These wallets allow users to stake directly from their own accounts, eliminating the risks presented by exchanges.
One wallet with support for Korean, and eight other languages is Best Wallet, a multi-chain self custody wallet. It supports staking across multiple coins while allowing users to retain full ownership of their assets, making it a compelling option for those who prioritise privacy and control.
At the time of writing, it supports major networks like Ethereum, Bitcoin, Polygon, Binance Smart Chain, Solana, and Base. This means users can stake hundreds of cryptocurrencies on all of these networks without leaving the mobile app.
More so, accessing staking perks, which range from 5% to 20%, is a matter of just opening the app, navigating to the apps menu, and selecting staking – no lengthy registration, no KYC checks, nothing!
However, the absence of identity verification doesn’t mean security is left to chance. Apart from its self-custodial posture, the wallet itself has also integrated top-tier security features that include Fireblocks, 2FA, biometric authentication, and many more, giving users peace of mind that their staked assets are secure.
That being said, Best Wallet isn’t just a staking platform alone – it also serves as a crypto trading facility where users can buy crypto using fiat, engage in cross-chain swaps, and explore iGaming perks. There is also a token launchpad featured on the app to enable users discover early-stage projects and invest in them before they gain mainstream attention.
And with more advanced features like Best Card, portfolio management, NFT gallery, derivatives trading, and many more still on the horizon, it’s hardly surprising that the wallet is being considered one of the most versatile crypto solutions around.
Download Best Wallet
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