Trezor adds secure Ethereum staking to Trezor Suite
Hassocks, United Kingdom, May 20th, 2024, Chainwire
Trezor, the original hardware wallet company, has added Ethereum staking to its cryptocurrency management application, Trezor Suite. The new feature allows Ethereum (ETH) holders to securely commit to staking and continuously earn ETH rewards with a minimum holding of 0.1 ETH in their Trezor wallet.
ETH staking in Trezor wallet has been enabled by integration with the staking-as-a-service platform, Everstake, built on the company’s smart contracts and infrastructure. Staking is now available via a Trezor Suite update where users can select the staking option in their ETH account, and choose how much of their ETH they want to commit.
ETH staking is a way for individuals who hold Ethereum’s native cryptocurrency to contribute to the security and functionality of the Ethereum blockchain while earning rewards. Unlike bitcoin mining (proof-of-work), which demands specialized hardware and significant energy consumption, staking involves holding a certain amount of ETH and locking it up to support network operations – validating transactions and creating new blocks on the Ethereum blockchain.
Staking helps to maintain the smooth and secure operation of the Ethereum network by decentralizing transaction validation.
During the staking period, the user’s ETH is locked and cannot be traded. The unstaking timeline is dynamic and takes a few days, after which users can claim their ETH instantly. Accumulated rewards are auto-compounded, so that earned ETH is automatically used for further staking, accelerating gains over time.
The new staking feature in Trezor Suite brings significant functionality to the Trezor service which combines with all Trezor wallets (Model T, Model One and the recently launched Trezor Safe 3) allowing users to securely buy, sell, exchange, and now stake, all in one secure location.
Matej Zak, CEO at Trezor said: “It is Trezor’s mission to provide a service that is simple to use and that has the security that underpins financial self-sovereignty baked in.“
“By integrating staking into Trezor Suite, our strong community of ETH users can now easily and passively earn ETH rewards within the Trezor environment while also maintaining full control over their crypto assets.”
More info here: https://content.trezor.io/eth-staking
