What is the difference?
Staking is the process where users are given the ability to earn a percentage reward on their cryptocurrency by locking it over a period of time. This is done through a Staking Pool where coins are rewarded to users in proportion to their staked holdings.
With CoinSpot Earn, users can lend their coins to CoinSpot in exchange for a fixed rate, competitive interest payment on our list of available coins here. There are no fees or lock up periods for using CoinSpot Earn and those coins can be unallocated at any time.
There are minimum or maximum amounts that CoinSpot users are able to allocate. Earn rewards will be in direct proportion to the amount of coins, and the length of time they have been allocated to CoinSpot Earn. Earn rewards will automatically be applied to the principle of the Earn loan, thereby increasing the total loan amount and your capacity to earn rewards. Rewards will be applied at midnight and will appear in your account by 10 am.
The change provides CoinSpot with greater flexibility to grow and improve the feature, and the ability to provide a greater range of assets on which customers can generate a return.
Please note - Staking will be transitioning to CoinSpot Earn in the near future. You will not be able to create any new Staking positions.
For more information surrounding the Earn Program, please read our CoinSpot Earn FAQ article.
Need more help?
Please submit your request via Zendesk - https://coinspot.zendesk.com/hc/en-us/requests/new
or start a conversation with us via Live Chat and our team will provide full instructions and advice.