Korean cryptocurrency exchanges have started to diversify their businesses, including staking services. Korbit and Bthumb, which have not yet released their services, are also reportedly preparing for related services.
Coinone said it will add Luna to the Daily Stake Service. It is the second service following Cosmos Atom’s Daily Stake service last year.
In addition to the Daily Stake Service, Coinone also offers a general steak service that receives monthly compensation. For Cosmos Atom, Daily and Normal Stake are available by choice. This time, the new service through Luna will only be offered daily stake.
It also launched a Lockup service. Lockup is a service that returns principal along with interest if it has cryptocurrency for a certain period of time. In addition to transaction fees, Coinone is also reportedly releasing related services to find various profit models using the exchange.
Dunamu, which operates Upbit, already entered the Crypto financial business through its subsidiary DXM last year. DXM released a wallet called ‘Trinito’ and released ‘Staking Service’, which can receive compensation if cryptocurrency is stored. And ‘Landing’ service that allows users to borrow other cryptocurrency using encryption money as collateral. It is also about diversifying its businesses.
Staking services, Lockup services, what to expect from more exchanges in Korea
Although the service is not currently available, Bithumb and Korbit are also reportedly considering the project. In particular. Korbit signed MOUs for the release of blockchain-based financial instruments with U.S.-based Cekcius Network and Singapore’s Matrixport.
Based on the mobile app, the Celsius Network is a company that provides blockchain-based compensation and rental services. While Matrixport is a cryptocurrency and payment service provider. It was spun off from Bitmain, a bitcoin mining company, in January last year. “We signed an MOU with the two companies and are currently conducting a service test inside. Although there is no specific release schedule, we are also considering releasing the service if the internal test results are good,” a Korbit official said.
Bithumb also sensed the mood of the market and started to review its business.