Kraken Is Offering 4.75% Yearly for Staking ALGO Tokens

Digital assets firm Kraken is pleased to confirm that it now supports staking for holders of Algorand’s native token, ALGO.

You may head into the Earn section of your account to “put your ALGO to work today.”

What is Algorand?

Algorand is a Proof-of-Stake (PoS) blockchain that rewards users for “contributing their funds as part of the network’s validation process.” With a goal of delivering faster, scalable and more cost-effective smart contracts, it “departs from the traditional infrastructure that underpins leading cryptocurrencies,” the announcement noted.

What you need to know

  • You can earn as much as 4.75% in yearly rewards, distributed on a weekly basis.
  • Deposits “require 10 confirmations (~45 seconds)” and you can “add ALGO to your Kraken account by navigating to Funding, selecting the asset and hitting Deposit.”

Will Kraken list more assets?

Yes, however, the company notes that its policy is to “never reveal any details until shortly before launch – not even which assets we are considering.”

The company confirmed that all of Kraken’s listed tokens are “available on [their official] website, and all future tokens will be announced on Kraken’s blog and social media profiles.” The firm also noted that their client engagement specialists “cannot answer any questions about which assets we may be listing in the future.”

In another update, Kraken noted that they are pleased to announce that they now support trading with Bifrost (BNC).

As noted by the company:

  • Deposits and withdrawals are available starting now.
  • Trading will begin October 26 at approximately 15:30 UTC.
  • Clients who contributed to Bifrost’s Parachain Auction on Kraken have now received BNC rewards in their Kraken account. Get full details on the rewards distribution on our Support Center.(Note: Trading is “not available to residents of the USA, Canada, Australia and Japan.”)

What is Bifrost?

Bifrost provides staking liquidity to “anyone accessing its network.” This means token holders can “stake any cryptocurrency, such as DOT or ETH, on the Bifrost platform and receive a vToken of equal value (vDOT or vETH), allowing them to access decentralized finance applications while still receiving staking rewards.”

For more details on this update, check here.

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