Cryptocurrency holders can make up to 30% from their crypto holdings if we are to believe the claims of this staking startup. Speaking exclusively to CoinDesk earlier today, Battlestar, a blockchain staking-as-a-service firm said that it had partnered with Celsius Network, a crypto lending startup to launch a large-scale staking service that offers a potential for high returns.
However, the announcement did not reveal what the lowest amount that could be earned is. According to the company’s website, the returns could be as low as 5% annually from its staking service.
The platform noted that the service would benefit individuals and funds that don’t have the expertise or the time to manage the daily tasks of staking – an activity that involves supporting a proof-of-stake network through holding its tokens and getting a reward in return. The reason being that the service protects investors holdings as well as provides portfolio yield.
Adam Carver who is the CEO of the staking startup had the following to say:
“After bitcoin[‘s] significant 85 per cent price drop, investors looked to diversify their portfolio through staking other coins. PoS coins [have] emerged as a profitable avenue for investors – including bitcoin maximalists – to gain sizeable yield with their passive holdings.”
According to Meltem Demirors who is an advisor of the platform, “Most custody players sidestep staking, and most staking agencies avoid custody because of the risks. Battlestar strategically combines both under one roof.”
Also revealed during the announcement is Celsius Network plans to add at least five more PoS crypto coins over the next three months. The coins likely to be added include; Tezos, H
Reuben Yap who is the chief operating officer at Zcoin noted that “Battlestar makes hosting master nodes, like Zcoin’s Znodes, more accessible.”
The staking startup has been privately participating in PoS networks since December 2017.
What’s your take on this startup that promises to offer 30% returns through staking? Share your thoughts in the comment section below.