Oslo 20 October 2022 -Norwegian Block Exchange AS ("NBX" or "the Company"), the first publicly listed cryptocurrencies exchange in the Nordics, has today launched the possibility of staking of Cardano (ADA), the eighth-largest protocol by market capitalization. Customers can conveniently and securely stake Cardano through NBX's platform or app to generate staking rewards. Cardano, which is a third-generation blockchain platform launched in 2017, was the first blockchain platform to implement evidence-based scientific peer-reviewed processes prior to the release of any new product, service, or update on its platform. It pioneers innovative technologies with a mission to provide security and sustainability to decentralized applications, systems, and societies globally. By providing the possibility for passive income through staking, Norwegian Block Exchange is expanding its product specter and delivering on the promise of bridging the gap to traditional finance. Customers are now able to stake Cardano from their existing wallets and earn staking rewards. NBX's staking service is fully integrated with its existing platform and infrastructure, and no funds are sent to, or handled by third parties. This ensures the same renowned institutional-grade security on the staking as the existing custody services. The staking provided falls under the category of "Protocol staking". Protocol staking is true to the original definition of staking, and is the core concept of "Proof of Stake". Protocol staking is a way to earn passive income by checking the validity of transactions and maintaining the sustainability of a Proof of Stake network. The added benefit of Proof of Stake is that it does not require extensive hardware and processing power, and it reduces energy usage by 99.95% compared to the more known Proof of Work (Mining). There will be no lockup period, and customers are free to unstake and withdraw funds at their own convenience. NBX staking follows the Cardano protocol. This is a 4 epoch process, starting the following epoch after the customer register for staking. In the first epoch after staking, a snapshot is taken of the stake amount. In the second epoch, the stakedADA helps to secure the blockchain. In the third epoch, rewards are calculated. Finally, at the start of the fourth epoch, rewards are distributed. Following the protocol, rewards can take up to 20 days for the initial stake. After that, rewards will be paid every 5 days. The average return of the staking pool of NBX in the last two years has surpassed 4%. The annual rewards will vary depending on many variables such as how muchADA is delegated to the staking pool. Over time, rewards are expected to be around 4% annually. "We are very satisfied with finally being able to expand our product specter, and integrate Cardano staking as an option for passive income. With Cardano staking, our customers can access an additional income stream that enables them to structure their digital asset portfolios in more diversified ways" saysStig Aleksander Kjos-Mathisen , CEO of Norwegian Block Exchange -------- Contact person:Stig Kjos-Mathisen - CEO Mail: stig.aleksander.kjos-mathisen@nbx.com, Phone: +47 93287572 About NBX Based inOslo and registered with theFinancial Supervisory Authority of Norway , NBX is a publicly listed Norwegian cryptocurrency exchange and custodian. NBX is the first crypto exchange in the Nordics granted an e-money license. In 2022 alone, the exchange had a user base growth of 60%, totaling more than 80,000 users at the end of H1. The exchange offers instant and localized payment methods such as card and Vipps, in addition to a more professional trading experience and insured custody. NBX aims to launch the firstVisa credit card with a cryptocurrency kickback in late 2022. The card solution will be the first of its kind and decrease the gap between traditional finance and cryptocurrencies. NBX offers global customers easy and secure access to cryptocurrencies, based on the advanced standards of its reference market: the Nordics. To learn more, please visit www.nbx.com
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