Coinone launches 'Bitcoin Flexible Staking' product

Domestic virtual asset (cryptocurrency) exchange Coinone said on the 29th that it has launched a Bitcoin (BTC) Flexible Staking product.

Coinone Bitcoin staking is launched as a 'Flexible Staking' product. This is a product where rewards are accrued daily simply by holding Bitcoin. Also, unlike regular staking, deposits, withdrawals, and trading are free without separate restrictions even while participating in staking.

Coinone Bitcoin staking is conducted through the 'Babylon Protocol.' It is a form that leverages Bitcoin's proof-of-work (PoW)-based security to enhance the reliability and stability of proof-of-stake (PoS) chains. Customers delegate their held BTC to the blockchain network to contribute to security, and in return receive Babylon's utility token, Babylon (BABY), as a reward.

To commemorate the launch of 'Bitcoin Flexible Staking,' Coinone is holding a 'Bitcoin Stake-ing Selection Contest' from 10:00 AM today until the 7th of next month. Register an event code on the Coinone website, agree to use Flexible Staking, and automatically participate by purchasing KRW 100,000 or more in Bitcoin.

The top 10 purchasers by purchase amount will be differentially awarded BTC worth a total of KRW 2,000,000, and the remaining participants will equally share BTC worth a total of KRW 8,000,000, with BTC worth a total of KRW 10,000,000 provided as rewards.

Also, the 'Spread the Word about the Bitcoin Staking Event,' in which participants who share the event on their personal SNS and verify it receive benefits via a draw, will run until the 31st.

Seong-hyun Lee, CEO of Coinone, said, "As long-term holding of Bitcoin is becoming a global investment trend, we plan to provide the most leading staking service through this staking service renewal," and added, "We hope you use Coinone's Flexible Staking product to hold Bitcoin stably while generating additional income."