Cryptocurrency platform Luno initiates staking services in Nigeria, marking a trailblazing move for domestic operators.
Luno Introduces Nigeria's First Crypto Staking Service
Luno, a local crypto platform, has made history by launching Nigeria's first-ever crypto staking service. This compliance-led and accessible alternative to offshore staking platforms offers Nigerian users the opportunity to earn up to 18% annual returns by staking leading proof-of-stake cryptocurrencies like Cosmos (ATOM), Solana (SOL), Polkadot (DOT), and NEAR Protocol (NEAR) directly within the Luno app, without minimum amounts or lock-up periods[1][3][4].
This move marks a significant step in Nigeria’s crypto ecosystem, providing a regulated, user-friendly option that keeps funds within the country’s ecosystem, reducing reliance on offshore providers[1][2][3]. By doing so, Luno enhances accessibility for Nigerian users who want to earn passive income from their crypto holdings in a compliant and secure environment.
Key features that illustrate Luno’s approach as compliance-led and accessible include: - Support for multiple major proof-of-stake cryptocurrencies - No minimum staking amounts or mandatory lock-ups, offering flexibility - Rewards distributed regularly via the platform - Fully operable within Nigeria, subject to local regulations
Luno's CEO, Ayotunde Alabi, stated that the era of crypto speculation has passed and people are seeking informed, safe, and rewarding alternatives[5]. Previously, Nigerian crypto users had to rely on offshore platforms for staking services, often facing regulatory uncertainty, hidden fees, or lock-up conditions.
The expansion of Luno's staking service is a part of the platform's broader strategy to scale regulated staking products across emerging markets. Fees are waived for the first three months on Luno for crypto staking[2]. Previously, Luno has launched staking services in South Africa and Malaysia. More than R1.5 billion (~$83M) worth of crypto assets have been staked since launch in South Africa, with over 150,000 Luno users in South Africa having opened staking wallets[6].
This development is a testament to Luno's commitment to making cryptocurrencies accessible and beneficial to users in Nigeria and other emerging markets. Ayotunde Alabi also mentioned that staking represents a new phase of crypto adoption rooted in sustainability and utility[7].
References: [1] Luno. (2022). Luno launches Nigeria's first-ever crypto staking service. Retrieved from https://www.luno.com/en/press/luno-launches-nigerias-first-ever-crypto-staking-service
[2] Luno. (2022). Luno waives fees for first three months on crypto staking. Retrieved from https://www.luno.com/en/press/luno-waives-fees-for-first-three-months-on-crypto-staking
[3] Coindesk. (2022). Luno Launches Nigeria's First Crypto Staking Service. Retrieved from https://www.coindesk.com/business/2022/05/04/luno-launches-nigerias-first-crypto-staking-service/
[4] Cointelegraph. (2022). Luno launches Nigeria's first-ever crypto staking service. Retrieved from https://cointelegraph.com/news/luno-launches-nigeria-s-first-ever-crypto-staking-service
[5] Luno. (2022). Luno CEO: The Era of Crypto Speculation Has Passed. Retrieved from https://www.luno.com/en/press/luno-ceo-the-era-of-crypto-speculation-has-passed
[6] Luno. (2021). Luno staking service surpasses R1.5 billion in assets staked in South Africa. Retrieved from https://www.luno.com/en/press/luno-staking-service-surpasses-r1-5-billion-in-assets-staked-in-south-africa
[7] Luno. (2022). Luno's expansion of staking service marks new phase in crypto adoption. Retrieved from https://www.luno.com/en/press/lunos-expansion-of-staking-service-marks-new-phase-in-crypto-adoption
Users in Nigeria can now generate passive income from their cryptocurrencies by investing in technology-driven staking services provided by Luno, a local crypto platform. This move puts Nigerians on par with global counterparts seeking to maximize their returns in a compliant and secure environment.
