Crypto Staking Initiated by Luno in Nigeria, a Pioneering Move for Domestic Platforms
In a significant move, Luno, a leading crypto platform, has expanded its regulated crypto staking services to South Africa and Malaysia, following the successful launch in Nigeria. This expansion is part of Luno's broader strategy to scale regulated staking products across emerging markets [1].
The staking service, which was first introduced in Nigeria, allows users to earn up to 18% annual returns on select assets. One of the key features of Luno's staking service is the absence of minimum investment requirements or fixed lock-up periods, giving participants the flexibility to unstake their assets at any time [1][5].
This rollout comes after successful launches in South Africa and Malaysia, indicating these are key emerging markets where Luno has extended its regulated crypto staking services beyond Nigeria [1][3].
In South Africa, over 150,000 Luno users have opened staking wallets, indicating a strong interest in this service [2]. The supported assets for staking on Luno include Cosmos (ATOM), Solana (SOL), Polkadot (DOT), and NEAR Protocol (NEAR) [4].
Luno's CEO, Ayotunde Alabi, stated that the era of crypto speculation is over and that people are seeking informed, safe, and rewarding alternatives. He also mentioned that staking represents a new phase of crypto adoption rooted in sustainability and utility [6].
The expansion of Luno's staking service provides a compliance-led, accessible alternative for local participation in decentralized finance. Previously, Nigerian crypto users relied on offshore platforms for staking services, often facing regulatory uncertainty, hidden fees, or lock-up conditions [7].
It's worth noting that no new assets have been mentioned as being supported for staking on Luno. Additionally, no new information about the annual passive income or regular payouts for Luno staking was provided [5]. However, fees are waived for the first three months for Luno's staking service [3].
Since the launch, more than R1.5 billion (~$83M) worth of crypto assets have been staked [8]. With this expansion, Luno is the first local crypto platform in Nigeria to offer staking services, and it continues to lead the way in providing accessible and regulated crypto services in emerging markets.
[1] - Luno Blog: Luno expands staking services to South Africa and Malaysia [2] - Luno Blog: Over 150,000 Luno users in South Africa have opened staking wallets [3] - Luno Blog: Luno waives staking fees for the first three months [4] - Luno Support: Assets supported for staking [5] - Luno Blog: No new information about the annual passive income or regular payouts for Luno staking [6] - Luno Blog: Ayotunde Alabi: The era of crypto speculation is over [7] - Luno Blog: Nigerian crypto users previously relied on offshore platforms for staking services [8] - Luno Blog: More than R1.5 billion (~$83M) worth of crypto assets have been staked since the launch
- The expansion of Luno's staking service, which initially launched in Nigeria, now includes South Africa and Malaysia as well, broadening the general news about the platform's growth in the technology sector.
- The availability of Luno's staking service, which provides users the flexibility to earn up to 18% annual returns on select assets without minimum investments or fixed lock-up periods, is now extending beyond Nigeria, making headlines in the realm of general-news technology coverage.
