If you're familiar with investing in cryptocurrencies, you've probably come across the term "staking". What is crypto staking? It's a way to earn passive income by buying coins, holding them on the network and earning rewards for it. Staking crypto provides support for blockchain’s functioning. It is also a way for the network to validate transactions, and it works much more efficiently than Proof-of-Work-based networks: with Proof-of-Stake, there is no need to buy mining equipment or spend huge sums of money on electricity bills.

Simply put, cryptocurrency staking is a way to earn passive income by putting cryptocurrencies on a blockchain such as Crypto without taking them back and receiving bonuses in return. Rewards can vary from one cryptocurrency to another, plus, it also depends on the platform you use for staking crypto.

Where Can I Stake Coins?

Here are reliable services that support staking option:

Binance
WhiteBIT
Coinbase.

Of course, all cryptocurrency exchanges offer different requirements; let's how staking works on WhiteBIT.

Crypto lending

The crypto exchange WhiteBIT offers several crypto lending variations. Each of them offers different benefits for locking cryptocurrencies and different periods in which coins can be held on the exchange. Here are instructions on participating in WhiteBIT cryptocurrency staking:

Choose the digital assets you want to use for staking and deposit them into your account.
Browse the list of staking plans and choose the time period and size of rewards that suit you best. Use the filters to select the conditions you are interested in.
Select a number of coins you want to stake and click on "Deposit".

When the staking period ends, the plan automatically expires, and the customer receives one’s initial coins back plus earned coins. If you decide to complete the process and release your coins before the platform expires, you will lose your winnings. Therefore, read the rules carefully before locking your coins. We recommend trying your first staking plan with a small number of coins locked to see how it works.

For more information on staking crypto read the WhiteBIT blog.