Luno, a prominent cryptocurrency exchange, has introduced crypto staking in Nigeria, allowing users to earn more income from their digital assets.
This makes the exchange the first operational cryptocurrency platform in the country to roll out such a service locally.
The new update will provide a secure and regulated alternative to traditional trading for growing one’s wealth. It’s a game-changer for a market often limited to risky and unregulated platforms.
What Luno crypto staking is and what it aims to solve
For years, the Nigerian crypto market has been defined by a young, vibrant, and tech-savvy population seeking new financial solutions.
However, with this rapid growth came challenges, namely, a lack of safe and regulated investment opportunities. Many have been forced to navigate the choppy waters of offshore exchanges or even fall prey to outright scams. Luno’s new staking service directly addresses this critical issue.
Crypto staking, in essence, is the process of locking up cryptocurrencies to help secure and validate transactions on a blockchain network.
In return for this contribution, users are rewarded with additional tokens. This mechanism is akin to earning interest in a traditional savings account, but with the potential for much higher returns—Luno offers up to 18 percent annually on some assets.
The company’s approach to staking truly sets it apart. The platform offers flexibility and accessibility that are often missing from other services.
There are no minimum investment requirements, and users can stake and unstake their assets at any time without fixed lock-up periods or hidden fees.
The anytime, any amount model is perfect for both new and experienced investors, as it lowers the barrier to entry and allows for greater control over one’s funds.
About Luno
Luno is a global cryptocurrency platform with a strong presence in emerging markets, including Nigeria, South Africa, and Malaysia.
The company prides itself on making crypto accessible and safe for everyone, focusing on a regulation-first approach and a commitment to security.
With millions of customers worldwide, they offer a user-friendly platform for buying, selling, storing, and now staking a variety of cryptocurrencies.
Their launch of staking in Nigeria, following successful rollouts in other markets, demonstrates their dedication to providing innovative financial products that cater to the needs of their various customer base.
This move solidifies Luno’s position as a leader in the digital asset space and a key player in shaping the future of finance in Africa.