Polygon

<p>Dunamu, the blockchain and fintech firm that operates South Korea’s largest cryptocurrency exchange Upbit, announced on Wednesday (local time) the <a href="https://upbit.com/service_center/press?id&#61;3799" rel="noopener noreferrer nofollow">addition of Polygon’s MATIC to Upbit’s staking service</a>, now available via the Upbit website and mobile application.</p><p>Staking is a service where users entrust their cryptocurrency to a blockchain network to boost its security and receive virtual assets as rewards. The virtual assets deposited by staking users are used in the transaction verification process of generating new blocks in the blockchain network of the respective asset. Users are then rewarded with virtual assets for their participation in the process.</p><p>Polygon is an Ethereum Layer 2 scaling solution that allows developers to build various decentralized applications (DApps) within the Ethereum ecosystem. Its native token is called MATIC.</p><h2 id="header-0">Expanded staking options</h2><p>Any Upbit user who has completed the Know Your Customer (KYC) process and enabled two-factor authentication can participate in staking on Upbit. The minimum staking amount is 2.7 MATIC. Users who participate in staking receive rewards once every day. They can also unstake their tokens at any time they want.</p><p>“At Upbit, we utilize our world-class security measures, robust infrastructure, and years of technological expertise to operate validators and stake users’ assets for them,” the exchange said. “Users’ crypto assets that are used in staking are safely stored in a cold wallet.”</p><p>Dunamu officially launched the Upbit Staking service in January of last year, serving as an intermediary in the complex staking process. The service aims to facilitate the convenient and secure staking of virtual assets. With the latest addition of Polygon, the exchange now supports a total of five staking options, namely Ethereum, Cosmos, Cardano, Solana, and Polygon.</p><h2 id="header-1">New NFT collections</h2><p>The exchange’s non-fungible token (NFT) marketplace, Upbit NFT, also recently opened trading, deposits, and withdrawals for new NFT collections based on Ethereum and Polygon. To celebrate this additional functionality, Upbit NFT will <a href="https://upbit.com/service_center/notice?id&#61;3789" rel="noopener noreferrer nofollow">conduct Ethereum giveaway events</a> for lucky participants until next Wednesday.</p>

Upbit Adds Polygon Staking Service

Table of Contents

CoinNess Global

Other articles published on Oct 25, 2023

What Comes Next for Bitcoin (BTC) After Testing the $35,000 Resistance?

Both Telegram Casino and Meme Kombat Are Set To Go 10x As Crypto Bull Market Takes Off

Stake.us Exclusive Referral Code: Get Your Bonus with Gold Coins & Stake Cash

Chainlink Price Prediction: What’s Next for $LINK After Regaining $10 Mark?

Tips for Successful Cryptocurrency Trading on Platform from Immediate Connect

MTN Nigeria ordered to pay N57.2 billion in tax default to FIRS

Join our free newsletter for daily crypto updates!