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Cross Staking Launches Newbie-Friendly Staking of PoW Cryptos, Here's How

Fri, 08/05/2022 - 07:10
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Vladislav Sopov
Typically, staking refers to practice of passive income in proof-of-stake (PoS) blockchains; here’s how Cross Staking changes this narrative
Cross Staking Launches Newbie-Friendly Staking of PoW Cryptos, Here's How
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Cross Staking, a new-gen staking dashboard for crypto professionals and newbies, introduces “safe haven” instruments amid Crypto Winter.

Cross Staking’s providers now allow users to benefit from USDT, BTC, ETH, etc.; here’s how

For the first time in Web3 history, staking opportunities are available to holders of proof-of-work (PoW) coins that cannot be seamlessly sent to staking providers.

With Cross Staking’s proprietary technology, Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), Litecoin (LTC) and so on can be staked just like “regular” proof-of-stake coins. Also, Cross Staking providers accept U.S. Dollar Tether (USDT) stablecoin, Tronics (TRX) and Binance Coins (BNB).

Greg Gopman, founder of decentralized cloud infrastructure provider Akash Network (AKT), is excited by the vision of Cross Staking and the progress its team managed to accomplish:

After the trillion dollar market collapse, followed by the current crypto winter, the scalability problem became obvious. Right now we are witnessing the collapse of promising crypto projects that are facing the inability to increase the workload when adding resources. (...) Many leading staking providers are already exploring the possibility of integrating Cross Staking.

Currently, the platform has integrated the offerings of two staking providers, PrimeStake and Oreol Staking.

Record-breaking APYs for 30,000 users: Cross Staking accomplishes new milestone

Despite a painful bear market, Cross Staking ecosystem has already made headlines by its record-breaking APYs. For Bitcoin (BTC), the largest cryptocurrency, profits can surpass 350% in APY while, for USDT, over 500% programs are available.

Recently, Cross Staking smashed through a major adoption milestone: its number of registered accounts surpassed 30,000. These users deposited over $230 million in various assets.

Also, amid a never-ending hiring freeze in Web3, Cross Staking decided to increase its workforce by 40% outside of the U.S., as added by its CEO Owen Tao during the Consensus 2022 conference.

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About the author

Blockchain Analyst & Writer with scientific background. 6+ years in IT-analytics, 3+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)