What happened?
Luno has introduced a new staking option for Cosmos (ATOM) on its platform, offering users the opportunity to earn promotional rewards of up to 18% until June 16, 2025. After the promotional period, the staking rewards will stabilize at up to 11% annually. This makes Luno’s APY the highest offered by a licensed exchange in South Africa.
Who does this affect?
This update affects crypto investors in South Africa who are interested in earning yields through staking. Users of Luno can now stake six different cryptocurrencies including Ethereum, Solana, Cardano, Polkadot, Near, and Cosmos. Over 150,000 Luno customers have already made use of the staking feature, signaling interest and adoption among local investors.
Why does this matter?
The introduction of high-yield staking options like Luno’s can significantly impact the crypto market by attracting more investors seeking passive income opportunities. Such offerings could drive increased trading and staking activity, especially for Cosmos, potentially influencing its liquidity and market value. However, it’s essential for investors to be cautious due to the inherent volatility of cryptocurrency values.