Digital assets firm Kraken is pleased to confirm that it now supports staking for holders of Algorand’s native token, ALGO.
You may head into the Earn section of your account to “put your ALGO to work today.”
What is Algorand?
Algorand is a Proof-of-Stake (PoS) blockchain that rewards users for “contributing their funds as part of the network’s validation process.” With a goal of delivering faster, scalable and more cost-effective smart contracts, it “departs from the traditional infrastructure that underpins leading cryptocurrencies,” the announcement noted.
What you need to know
- You can earn as much as 4.75% in yearly rewards, distributed on a weekly basis.
- Deposits “require 10 confirmations (~45 seconds)” and you can “add ALGO to your Kraken account by navigating to Funding, selecting the asset and hitting Deposit.”
Will Kraken list more assets?
Yes, however, the company notes that its policy is to “never reveal any details until shortly before launch – not even which assets we are considering.”
The company confirmed that all of Kraken’s listed tokens are “available on [their official] website, and all future tokens will be announced on…