What happened?
Korean crypto exchange Coinone launched Korea’s first Bitcoin staking service, which allows users to earn rewards without locking their assets. This new service uses the Babylon protocol to enable Bitcoin staking, offering full flexibility for deposits, withdrawals, or trades. Coinone is promoting this launch with a special event that offers Bitcoin (BTC) rewards based on purchase volume until September 7.
Who does this affect?
This new Bitcoin staking service primarily affects Bitcoin holders in Korea who are interested in earning passive income without locking their assets. It gives these investors an opportunity to stake their Bitcoin and receive rewards while maintaining control over their holdings. Additionally, participants of the promotional event have a chance to win BTC rewards based on their purchase activity during the event period.
Why does this matter?
The introduction of Bitcoin staking by Coinone could impact the crypto market by increasing participation and interest in Bitcoin within Korea. By offering a flexible staking option, Coinone might attract more users to their platform and set a precedent for other exchanges to follow. As South Korea moves towards a more regulated crypto environment, innovative services such as this can help shape the future landscape of digital finance in the region.