Coinone launches Korea’s first flexible bitcoin staking service

A representation of the virtual cryptocurrency bitcoin / Korea Times photo by Shim Hyun-chul

Coinone has become the first cryptocurrency exchange in Korea to launch a bitcoin staking product, the company said Friday.

Staking is an investment method in which digital assets are locked in a blockchain network for a period of time in exchange for rewards.

With Coinone’s flexible bitcoin staking product, users can delegate their bitcoin to the Babylon protocol blockchain to support network security and earn Babylon’s utility token, BABY, as a reward. The service allows users to deposit, withdraw and trade their bitcoin at any time without restrictions, even during the staking period.

To mark the launch of its bitcoin staking service, Coinone is hosting a special event running until Sept. 7. Participants can enter by registering an event code on Coinone’s website, agreeing to the staking terms and purchasing at least 100,000 won’s ($72) worth of bitcoin.

The 10 participants with the highest purchase amounts will receive a total of 2 million won in bitcoin, distributed according to their ranking, while the remaining participants will equally share 8 million won in bitcoin.

“With long-term bitcoin holding emerging as a global investment trend, we aim to provide a leading staking service,” Coinone CEO Lee Seong-hyun said. “We encourage users to use Coinone’s flexible staking product to hold bitcoin securely while generating additional income.”