Staking
Earn passive income with staking rewards on your crypto
What is cryptocurrency staking?
The simplest explanation of staking is that you store your cryptocurrency over time to receive rewards in the form of more crypto.
Free crypto? Yep!
Too good to be true? Absolutely not.
Staking crypto is often compared to putting money in the bank to earn interest, but there are still big, fundamental differences. By staking, you receive a reward because you help secure and operate the blockchain to which the specific cryptocurrency belongs.
You certainly don't need to be a crypto expert to stake. At Firi, we take care of all the complexities, so you can sit back and enjoy the fruits of your investment.
This is how staking works at Firi
đ Stake your crypto safely and easily in the Firi app. The only thing you need to do is create a staking account and choose what you want to stake.
đ Earn up to 4.17%, which is the current expected annual return. Payout of reward every Friday!
đ Soon we will open for staking Cardano (ADA), in addition to several other cryptocurrencies.
How to create a staking account in the Firi app
- Tap Create new account on the main overview
- Select staking account.
- Go through our staking guide and confirm terms.
How to Stake Ethereum (ETH)
- Choose whether you want to stake ether you already have or whether you want to buy more.
- Select the amount you wish to stake.
- Activate by confirming staking
- Now the funds are transferred to your staking account and you start earning rewards!
FAQ about staking
Why can't you stake all cryptocurrencies?
Bitcoin, for example, does not allow staking. This is because Bitcoin is not a proof-of-stake blockchain, as, say, Ethereum is. Bitcoin uses proof-of-work to verify transactions, and therefore has no use for participants to stake crypto.
What are the risks of staking cryptocurrency?
When staking cryptocurrency you sometimes have to accept that your funds are locked up for a period of time. During this period, you may run the risk of ending up in a situation where you would like to withdraw or sell your cryptocurrency. This will not be possible before the lock-up period is over.
There is therefore a risk that the crypto you stake, and thus have locked, will fall in value while you are unable to sell it. We recommend that you never stake cryptocurrency that you might sell in the near future. And you should aware of the risk that the price can fall during this period.
Another risk is if you, or someone you stake with, is dishonest and tries to manipulate the network. Some blockchain networks penalize participants if the validator representing the staked funds mistakenly produces a block. This is called "slashing". Firi takes reasonable measures to prevent assets that have been staked from being "slashed", but if this should happen, Firi will replace your assets at no extra cost, unless the reason for the slashing is:
- Errors at protocol level as a result of bugs or maintenance.
- Actions or omissions of service provider.
- Hacking or malicious attack.
- Force majeure events.
