Coinone announced on the 29th that it has launched a Bitcoin (BTC) flexible staking product. Coinone is the first domestic virtual asset exchange to introduce a staking product utilizing Bitcoin.
Coinone's Bitcoin (BTC) staking is launched as a "flexible staking" product. This product allows customers to earn daily rewards simply by holding Bitcoin. Additionally, unlike regular staking, customers can freely deposit and withdraw without any restrictions while participating in staking.
Coinone's Bitcoin staking is conducted through the "Babylon Protocol." It leverages Bitcoin's proof-of-work (PoW) based security to enhance the reliability and stability of proof-of-stake (PoS) chains. Customers can delegate their held BTC to the blockchain network to contribute to security, and in return, they can receive Babylon's utility token, BABY, as a reward.
To celebrate the launch of the "Bitcoin flexible staking," Coinone will hold the "Bitcoin Staking Contest" from 10 a.m. on August 29 (Friday) until September 7 (Sunday). Participants can automatically enter the contest by registering an event code on the Coinone website and agreeing to use flexible staking after purchasing more than 100,000 won worth of Bitcoin.
The top 10 participants based on purchase amount will receive a total of 2 million won worth of BTC distributed by tier, while all other participants will receive a total of 8 million won worth of BTC equally divided, totaling 10 million won worth of BTC as rewards.
Meanwhile, Coinone has renewed its staking service brand "Plus" to "Staking." The existing "Daily" and "Staking" products have also been renamed to "Flexible Staking" and "Fixed Staking," respectively. The user interface has been improved to enhance user convenience, allowing users to view assets that are currently staked on the asset screen.
Lee Seong-hyun, CEO of Coinone, noted, "As long-term holding of Bitcoin has become a global investment trend, we plan to provide the most leading staking service through this renewal of our staking service." He added, "We hope you take advantage of Coinone's flexible staking product to hold Bitcoin stably while generating additional revenue."