Continuing its bid to push deeper into the US market, Luxembourg-based Bitstamp has announced a special Earn product for American investors. The product, which is already available in non-US countries, acts as a turnkey Ethereum (ETH) and Algorand (ALGO) staking solution, allowing investors to collect rewards upon staking these tokens.
In return, they must pay a fee to Bitstamp on the yield they earn. The yields, however, are not generated through lending as is common with other high-interest crypto accounts. It is a protocol-driven set of rewards instead.
Bitstamp Trajectory: A Slow but Steady Rise
Bitstamp is one of the industry’s most well-known cryptocurrency exchanges. The exchange is particularly well-known since it allows you to buy cryptocurrencies with fiat currencies like the US dollar and the Euro.
Although the platform was designed with European clients in mind, it currently serves clients all around the world.
Bitstamp was launched in 2011 and is older than most of its contemporary top crypto exchanges. Compared to its duration in the market, its growth has been relatively slow. Experts have suggested various reasons for this – lack of attractive programs and features, a temporary but noticeable setback due to the 2015 hacking incident, and so on.
Your capital is at risk
In recent times, however, the crypto exchange has taken several growth-centric steps, especially regarding security. For instance, the crypto exchange is not entirely bullish on adding new coins instantaneously. Instead, it spends time studying trends, observing the community, and then thoughtfully adding the best cryptocurrencies at the right time.
Now, the latest Earn product addition for US investors is another strategic move, on the very lines of security-first.
While the SEC has been targeting crypto rewards platforms offering high-interest lending to US customers alleging them as unregistered securities, Bitstamp has ensured it steers clear of offering accounts that generate yields from lending.
Earn Crypto by Staking Assets at Bitstamp
The Bitstamp Earn product simply puts your cryptocurrency assets to work for you. You can earn more crypto by using the crypto you already possess and hold in your account, or by purchasing new assets. It works through a staking and inflating procedure.
In exchange for receiving rewards, your assets check and validate the blocks on the blockchain. Some cryptocurrencies are locked on the blockchain for a specific amount of time, while others are not. These are determined by the cryptocurrency in question. It’s a win-win situation in either case.
The proof of stake (PoS) technique is used on Bitstamp to gain consensus on the one genuine history of transactions.
The product has been made available in the United States, but residents of Alabama, Hawaii, Idaho, Louisiana, New Jersey, New York, and Nevada, however, have yet to receive the product.
How to Participate in Bitstamp Earn?
Customers can join in the Bitstamp Earn promo and earn their benefits in one of two ways:
- Buying ALGO or ETH on Bitstamp, then staking the tokens.
- Depositing ALGO or ETH into your account on Bitstamp, then staking the tokens.
When you stake with Bitstamp, you can earn incentives ranging from $10 to $50 in ETH or ALGO for buying, transferring, and staking 0.1-0.2 ETH and $100-$500 ALGO.
The staking process is different for each asset to be staked – manual staking for ETH and automatic for ALGO.
Bitstamp claims their Earn product offers higher rewards than what most other traditional financial institutions have to offer. All you need is to stake for a set term to increase your crypto portfolio value.
An exclusive promotional period is now available, wherein investors can now gain up to $50 in free crypto when they add and stake either ETH or ALGO with Bitstamp Earn. Investors can get a bonus if they keep it for 30 days during the promotion period.
The special promotional duration is valid until July 2, 2022, 11:59:59 pm EST. To be eligible for the promotion, investors must stake crypto for at least 30 days after the promo ends, or until August 1, 2022, at 11:59:59 pm EST.
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Source: https://insidebitcoins.com/news/bitstamp-launches-earn-product-for-ethereum-algorand-staking-in-us