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Kucoin has recently announced a new great addition for their users. A soft staking feature. With this new feature users can easily stake their coins at the exchange and get rewards paid out to them daily.
They are offering their customers the chance to stake their coins when held on the Kucoin exchange, in return they’ll get new coins in reward. Kucoin launched in 2017 and became quickly a popular crypto exchange for many traders to use because of it’s eager approach to adding new altcoins for trading.
How the soft staking works
In order to partake in the staking and get coins in return you need to hold your coins on the exchange. And they can’t be moved during anytime. You will get a reward based on the amount that you stake. You can withdraw your cryptos at any point without terminating the staking but of course the less you stake the less you get back in reward.
Kucoin will take daily snapshots of the users’s wallets and the rewards will be paid out the day after. You can check it all in your ‘My Bonus’ area. You will only receive rewards paid out to you if the revenue is above 0.000001.
It depends to see how popular this will become amongst users. Our thinking is that it probably will become very popular and will be seen as a positive step for Kucoin in their drive to become a top 10 crypto exchange. The question as always will be around, how secure will our coins be? Most of us are aware of the dangers of leaving their cryptos at any exchange.
The staking will be available for customers starting from the 4th of July.
Kucoin says that our cryptos will are “securely stored on KuCoin. The withdrawal of ATOM/EOS/TRX/IOST will be strictly processed based on the queue up sequence and queue jumping or fraud operations will be strictly prohibited”.
Soft staking a move forward a more user friendly crypto experience
While we want to make it clear that there are still risks involved with leaving your cryptos at any exchange we believe initiatives like these are great to see, as they further the user experience for crypto holders. We’ve for a long time been accustomed to somewhat sketchy UX while transferring our funds between wallets and accessing them using hardware wallets or otherwise.
Kucoin of course have been no stranger to giving their users passive income with their Kucoin Shares token (KCS). Where hodlers of KCS have received parts of the trading fees for all the coins and tokens traded at their exchange.
You can read the announcements here below:
- Kucoin launched soft staking for EOS
- Kucoin launches soft staking for ATOM
- Kucoin launches soft staking for TRX
- Kucoin launches soft staking for IOST
Per Englund – Founder of Go CryptoWise a cryptocurrency and tech fan that wants to see better and smarter products and services that makes our lives better and easier