Coincheck, a cryptocurrency exchange based in Japan, has announced the upcoming launch of a new service for Ethereum (CRYPTO: ETH) called "Coincheck Staking," which is expected to be available by January 2025.
According to Coincheck's official announcement, this service differs from the typical staking process in the industry. In traditional staking, transactions are usually limited, and assets are locked for a specific period. However, Coincheck Staking allows users to buy, sell, and transfer assets without any restrictions.
Coincheck, which is headquartered in Tokyo, will let users stake a portion of their ETH holdings and share the staking rewards earned with them. Users can choose to use these rewards for compound interest, essentially reinvesting them to maximize asset growth.
Initially, only ETH will be supported by the service, but the company plans to gradually add more cryptocurrencies to the platform.
This announcement comes in a series of news from exchanges like Bitbank and Zaif, which have launched their Bitcoin (CRYPTO: BTC) staking projects. Another Japanese crypto exchange, BitFlyer, has also announced plans to introduce ETH staking in early 202025. Meanwhile, Mercoin has unveiled a points program specifically for ETH holders.
Recently, Japan made headlines after officially declining the proposal to introduce a Bitcoin Strategic Reserve, citing the cryptocurrency's volatility and its incompatibility with the country's financial frameworks.
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