Swiss cryptocurrency exchange, Smart Valor has launched staking services for proof-of-stake (POS) technology. The new move creates an amazing opportunity for Dash customers.
According to reports, Smart Valor gives Dash customers recurring rewards based on their savings. Majorly by contributing to a master node to a BitGo partnership. This initiative is the first of a kind by a European exchange.
Quoting the tweet: “Today @smartvalorinc has become the first European exchange offering the integrated. Also, compliant and secure #staking-as-a-service. First two coins: VALOR and #Dash. We’ll pass up to 100% of rewards generated through staking. Join now!
The reward works this way: Smart Valor offers to stake rewards to customers depositing on the platform. This applies to Dash and its native token VALOR. Therefore, users can decide to stake their Dash, and it’ll be used for the running of a master node. Accordingly, customers receive 85% of their portion of the master node’s rewards.
Interestingly, the opportunity comes thanks to a partnership with the secure custody platform BitGo.
For the uninitiated, cryptocurrencies like Bitcoin operate on a proof-of-work model. Here, specialized mining machines contribute hashing power to secure the network. Similarly, Dash operates through a proof-of-work. But, the proof-of-service masternode network allows users with 1,000 units of Dash to be compensated for running a specialized node. Although, the Dash model’s more rigid and less accessible to regular consumers for investment purposes than pure proof-of-stake. But, services like Smart Valor offer users a chance to stake smaller amounts. As well as receive rewards without worrying about running a robust network infrastructure.
First of a kind
Smart Valor becomes the first European exchange to provide full, secure and compliant staking service. The Swiss exchange also encouraged customers to avoid just holding their crypto. It insists they grow and stake it instead. This, advising them to go beyond the of holding the cryptocurrency to enjoy long-term benefits. As well as, actively investing to receive more units of the currency.
“Smart Valor, the first European exchange providing full-service, secure and compliant staking-as-a-service. Don’t just hold, stake it an generate an additional income of up to 6.9% from your Dash. Also, supporting the development of the blockchain network,” the post said.
BitGo already launched a staking service for customers, offering up to 13% annual returns. Besides, BitGo integrated Dash support into its platform in late 2018 after receiving funding from a Dash treasury proposal that year. Additionally, Smart Valor included Dash into its platform in September, offering a temporary 10% cash-back bonus for new customers.