Luno, a leading global cryptocurrency platform, has taken a bold step in Nigeria’s digital finance space by launching crypto staking, becoming the first active platform in the country to offer this feature. This move allows Nigerians to go beyond trading and start earning passive income by supporting blockchain networks through staking.
What Is Staking?
Staking is similar to earning interest in a savings account—but with potentially higher returns. Users lock up specific cryptocurrencies, such as Solana (SOL), Polkadot (DOT), Cosmos (ATOM), or NEAR, and in return, they receive regular rewards for helping secure and operate blockchain networks. Luno is offering up to 18% annual returns, a significant leap compared to traditional bank interest rates in Nigeria.
Flexible and Transparent
Unlike many platforms that impose rigid terms, Luno’s staking service is designed with user flexibility in mind:
- No lock-up periods
- No minimum staking amounts
- Unstake anytime
This approach is especially appealing in a market where users have often faced unclear terms or unreliable platforms.
Why Now?
The timing couldn’t be better. Nigeria’s crypto market is already booming, with over $59 billion in crypto transactions recorded between mid-2023 and 2024. By introducing staking, Luno is offering Nigerians a new way to grow wealth without relying solely on volatile price movements.
The process is simple: download the Luno app, verify your account, purchase one of the supported coins, and tap “Stake.” However, users are reminded that crypto remains a high-risk asset class, and staking should be done with funds they’re comfortable locking up.
A Sign of Maturity in Nigeria’s Crypto Space
With regulators like the Nigerian SEC showing increasing openness to digital assets, and platforms like Luno emphasizing compliance and user safety, this launch could mark the beginning of a more secure and rewarding era for Nigerian crypto investors.
Luno’s staking feature not only empowers users to earn more but also signals a shift toward more sophisticated, locally available crypto services—no longer limited to offshore or unregulated platforms.
