Journalist
Tanzeel Akhtar
Journalist
Tanzeel Akhtar
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Earning 18% on Cosmos sounds unreal—yet that’s what Luno dangled on Tuesday when it added a sixth staking wallet to its platform, eclipsing every licensed rival in South Africa.
This latest update will allow users to stake Cosmos (ATOM), with early adopters earning a promotional reward of up to 18% until 16 June 2025. Thereafter, staking rewards will settle at up to 11% per year.
With Cosmos added to the platform, users can now stake six different crypto assets: Ethereum (ETH), Solana (SOL), Cardano (ADA), Polkadot (DOT), Near (NEAR), and now Cosmos (ATOM). According to Luno, the 18% APY promotional offer is currently the highest reward rate from a licensed exchange in South Africa.
“Staking is one of the safer ways to earn high yield on crypto, in comparison to lending and other methods, which is why we’re aiming to stake as many cryptocurrencies as possible,” said Christo de Wit, Luno’s Country Manager for South Africa.
Users to Receive Regular Payouts
Staking involves committing your crypto assets to support the security and operations of a blockchain network. In the case of Cosmos, it’s a proof-of-stake network, meaning that users can earn rewards by helping to verify transactions.
In return for locking up their assets, users will receive regular payouts, which are deposited automatically into their staking wallets.
Luno’s staking model is also designed with accessibility in mind. There are no minimum investment amounts to begin staking, no hidden fees, and no fixed terms.
Customers maintain full control over their crypto at all times, with the ability to stake and unstake whenever they choose. Rewards will be credited within one to seven days, with the potential for compounding growth as returns are added to balances daily.
According to the firm, over 150,000 Luno customers have already created staking wallets, and more than R1.5 billion has been staked through the platform.
Ethereum remains the most staked crypto asset on Luno, followed by Solana. Now, with ATOM offering the highest yield, it could soon become a top contender among South African crypto enthusiasts.
However, de Wit cautions users to be aware of the inherent volatility in crypto markets. “Staking rewards are added to your existing balance daily, so your earnings may compound faster if you keep them there. But remember that crypto can go up and down in value,” he said.
“This means it can drive exponential growth if the value of your investment goes up, but you could lose out if the monetary value of your asset goes down.”
Luno said it continues to expand its crypto offerings while maintaining transparency about both the potential benefits and risks. As staking becomes an increasingly popular way to earn passive income on digital assets, the addition of Cosmos further positions Luno as a leader in the South African crypto market.
Luno Launches Solana Staking in Malaysia
Earlier this month, Luno announced it had launched its third crypto staking for Solana. Scarlett Chai, Luno’s country manager, noted that the exchange has already released the teaser for the launch.
The Solana staking would let its users earn SOL rewards every two days and passively grow their crypto investment portfolio. This marks the exchange’s third crypto staking after Ethereum and Cardano.
