Crypto.com makes it to the headlines yet again with its grand announcement of the launch of liquid staking on the Crypto.com mobile app, allowing its users to capture the best market opportunities and benefit from crypto staking rewards simultaneously.
Crypto.com is a trusted name and one of the top crypto staking platforms in the crypto trading arena, with more than 80 million users around the world. It supports over 250 cryptocurrencies, including Bitcoin, Ethereum, and Cardano. It allows traders to buy, sell, and trade their choice of cryptocurrencies through the dedicated mobile app that can be downloaded on any device.
The launch of liquid staking on the Crypto.com app will allow users to make the maximum use of liquid staking with Ethereum (ETH) using the Crypto.com Wrapped Staked ETH (CDCETH).
Liquid staking or soft staking is a type of token staking operation in the DeFi (decentralized finance) ecosystem. Similar to standard staking systems, Crypto.com users will get to lock up their funds to secure a particular blockchain network. This innovative solution to the illiquidity of staked digital assets where traders fail to access their tokens as they are locked during periods of unbonding by the crypto protocol.
With this feature, users can wrap their digital assets for trading receipt tokens. The tokens can then be redeemed for staked assets at higher conversion rates that account for the staking rewards. CDCETH will be made available during the launch, and users will be allowed to instantly wrap staked Ethereum ETH tokens even while it is undergoing unbonding without any conversion fee. Liquid staking will be available to all registered users on the Crypto.com App in many jurisdictions.
To know more about the launch of liquid staking on Crypto.com and other details, check out the official website.