eToro makes ETH 2.0 Staking available to clients in Australia
Online broker eToro makes ETH 2.0 Staking is available to its clients in Australia.
Australia is added to the following list of countries where ETH 2.0 Staking is already available:
Denmark, Belgium, Czech Republic, United Kingdom, Andorra, Azerbaijan, Cayman Islands, Croatia, Finland, Gibraltar, Greece, Guernsey, Iceland, Isle Of Man, Jersey Island, Liechtenstein, Monaco, Slovenia, Austria, Italy, Norway, Poland, Portugal, Slovakia, Sweden, Ukraine, Bulgaria, Cyprus, Georgia, Hungary, Ireland, Israel, Kazakhstan, Kenya, Latvia, Lithuania, Luxembourg, Malta, Romania, Spain, Switzerland, Argentina, Bahrain, Bolivia, Brazil, Chile, Colombia, Dominican Republic, Ecuador, Kuwait, Malaysia, Mexico, Oman, Peru, Philippines, South Korea, Taiwan, Thailand, United Arab Emirates, Uruguay, and Vietnam.
WEthereum 2.0 is the upgrade expected to improve ETH network efficiency by using a Proof of Stake mechanism (rather than the current Proof of Work mechanism). It is not yet known exactly when Ethereum will roll out this update, although the ETH 2.0 blockchain is expected to go live within the next 12-24 months.
Staking of ETH 2.0 is executed solely on the crypto wallet within the eToro Money app.
For the time being, users who choose to stake their ETH through the eToro Money crypto wallet will be earning additional ETH throughout the staking process, but, practically speaking, will only have access to the staked ETH and the accumulated rewards once the ETH 2.0 blockchain goes live.
eToro clients can transfer ETH from the eToro investment platform to the crypto tab on their eToro Money app. Please note that ETH transferred to the eToro Money app CANNOT be transferred back.
If you have ETH in external wallets, you can transfer them to your eToro Money wallet and stake them there. If available in your region, you can buy ETH directly on the eToro Money wallet using Simplex. If you have other cryptoassets in your eToro Money Wallet, you can convert them into ETH and stake them.
The minimum amount to stake ETH 2.0 is 1 unit of ETH.
You can view the status of your staked ETH, along with the accumulated staking rewards in your crypto wallet within the eToro Money app. Once the ETH 2.0 blockchain is launched, you’ll have access to the original assets and the rewards.