Coinone Reveals Staking Service Performance... Deposits Triple Compared to Previous Year

Cumulative Reward Amount Estimated at Approximately 78.1 Billion KRW

On the 25th, Coinone revealed the performance of its cryptocurrency reward income generation platform, 'Coinone Plus.' (Provided by Coinone)

[Asia Economy Reporter Gong Byung-sun] The staking deposits at Coinone, a domestic cryptocurrency exchange, have tripled compared to the previous year. The cumulative reward amount from the service has also increased to nearly 80 billion KRW.

On the 25th, Coinone disclosed the performance of its cryptocurrency reward income generation platform, 'Coinone Plus.' Staking is a mining method where users deposit their held coins and receive newly issued coins as rewards.

As of the 31st of last month, the number of users of Coinone Plus totaled 79,580, more than three times the number from the same period last year. This is interpreted as a result of significantly increased investor interest in the staking service last year.

The scale of deposits also increased more than threefold compared to the same period last year. As of the 31st of last month, the deposit amount on Coinone Plus was recorded at 375.4 billion KRW. Additionally, the cumulative reward amount for Coinone Plus users is approximately 78.1 billion KRW. The reward amount in the first quarter of 2019, when rewards were first paid, was only about 340 million KRW.

Since launching the staking service, Coinone has gradually diversified its service products over three years. Coinone Plus currently operates seven types of Daily Staking and three types of Staking services. Daily Staking allows users to receive daily rewards simply by agreeing to the service while holding the respective cryptocurrency in their wallet, with no restrictions on deposits or withdrawals. In contrast, Staking requires users to directly participate in node delegation to receive rewards.

Cha Myung-hoon, CEO of Coinone, stated, “Under the motto of quickly capturing the future value of the cryptocurrency market and presenting it to customers, we introduced the country’s first staking service.” He added, “We will continue to offer more diverse staking services, expand customers’ opportunities to participate in blockchain projects, and contribute to revitalizing the ecosystem.”