VALR, the largest South African crypto exchange by trading volume, has launched its latest product called Staking, allowing VALR customers to earn up to a 5.9% annual percentage rate (APR) on select crypto assets. VALR’s staking service commences with two crypto assets and their respective blockchains, SOL (Solana) and AVAX (Avalanche).
Staking allows VALR users to earn rewards of additional coins by contributing to the security, and validating the transactions, of a blockchain network in an energy-efficient manner. Staking occurs on Proof-of-Stake blockchains as opposed to the more energy-intensive Proof-of-Work blockchains such as Bitcoin.
“We’re very excited to bring an innovative product to the market that allows customers to securely earn staking rewards directly from the blockchain on an hourly basis,” says Farzam Ehsani, Co-founder and CEO of VALR. “Our team handles all the technical aspects of on-chain staking, allowing our customers to easily put their crypto to work. Furthermore, customers can stake and unstake their crypto assets at any time, giving them control and flexibility.”
“Most importantly, VALR never lends out customer funds to third parties. Customer funds remain within VALR’s secure custody at all times. The staking rewards are generated directly from the blockchain protocol itself. That’s the beauty about staking,” Ehsani adds.
Established in 2018, VALR has processed over $10 billion in trading volume and has raised $55 million since launch. It offers its customers the ability to trade bitcoin and a wide range of other crypto assets at some of the lowest fees in the world. VALR now serves over 450,000 retail customers and over 800 corporate and institutional clients from across the globe.
VALR recently obtained approval to offer crypto services in Europe and is in the process of obtaining licenses in Dubai, Mauritius and South Africa.