Abra now supports ETH2 staking directly in our app! You’ll need to update your Abra app to access ETH2 staking. Read this blog post to understand more about Ethereum’s transition to Proof of Stake and how you can generate ETH2 staking rewards by staking on Abra.
What Is ETH2?
ETH2 — also known as Ethereum 2.0 — is intended to be a significant upgrade to the Ethereum blockchain network that consists of sequential phases which will culminate in the transition from Proof of Work (PoW) to Proof of Stake (PoS). Numerous large blockchain networks such as Cardano, Solana, and Avalanche already use the PoS consensus mechanism.
Ethereum’s move to PoS aims to improve transaction efficiency, which will result in faster processing times, lower gas fees, and greater security.
PoS allows any user to become an ETH2 validator, known as a staker, on the Ethereum network. By staking ETH2, stakers commit funds that help secure the network and ensure that only legitimate transactions are validated. In return for helping to secure the Ethereum network, stakers generate staking rewards in the form of ETH2. The more ETH2 a staker commits, the more ETH2 they receive as staking rewards.
Staking ETH on Abra — What to Know
ETH2 staking is accessible in the Abra app (shown as APR). In the app, users can stake their ETH into ETH2 to start accruing staking rewards. It’s important to note that ETH2 deposits have a lock-up period.
Once ETH2 is staked, it’s locked into staking and will remain staked for an indefinite period of time until the Ethereum 2.0 upgrade is complete and Abra enables withdrawals. The merge between Ethereum 1.0 and Ethereum 2.0 networks is expected to occur in 2022.
Note: There is no minimum amount of ETH required to begin staking.
Stake Your ETH2 with Abra Wallet Today
Download the Abra app today! Stake your ETH into ETH2 and generate block rewards.
For more information about ETH2 staking on Abra, check out our FAQ support page.
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About Abra
Established in 2014, Abra is on a mission to create a simple and honest platform that enables millions of cryptocurrency holders to maximize the potential of their assets. Abra enables both individuals and businesses to safely and securely buy, trade, and borrow against cryptocurrencies – all in one place. Abra’s vision is an open, global financial system that is easily accessible to everyone.
Why Abra
Based in the United States, Abra is available in over 150 countries and makes it easy to convert between crypto and a wide variety of local fiat currencies. With over 2MM customers, $7B in transactions processed, and $1.5B in assets under management, Abra continues to grow rapidly. Abra is widely loved and trusted – in April 2022, pymnts.com reviewed and rated Abra amongst the top 5 most popular crypto wallets in the market. Abra is backed by top-tier investors such as American Express Ventures and First Round Capital.
How Abra Protects Your Funds
Abra places clients’ financial objectives and security first. Abra practices a culture of risk management across all levels and functions within the organization.
Abra employs a state-of-the-art enterprise risk management framework that comprises a comprehensive set of policies, procedures, and practices detailing all applicable risk-related objectives and constraints for the entirety of the business. Abra has instituted a complete set of requisite systems and controls that continuously enforce these policies, procedures, and practices to manage all operations, including credit and lending. Abra’s independent Risk Committee comprises experienced compliance, risk, securities, and fraud operations professionals with backgrounds in industries ranging from traditional and digital assets banking, payments, remittance, to fintech.
Please visit our FAQ to learn more.
