Where Can You Stake Ripple (XRP)?
According to CoinMarketCap, Ripple (XRP) is the 7th biggest cryptocurrency. XRP was developed in 2012 by Jed McCaleb and David Schwartz as the native token of XRP Ledger, a permissionless and open-source technology. XRP Ledger stands out for its low cost, scalability, speed, and carbon-neutral nature.
Developers utilize the XRP Ledger together with its native coin, XRP, to build remittance and asset tokenization solutions that address inefficiencies. The XRP Ledger now has several major uses: payments, tokenization, DeFi, CBDCs, and stablecoins, and the team is also working on NFTs. You are also able to stake the coin. Here’s where to stake your Ripple (XRP).
Can you stake your Ripple (XRP) on Coinbase?
Coinbase provides staking features to its users. It allows users to earn passive income on their idle tokens by staking them. The platform currently supports the staking of 6 different cryptocurrencies.
As Coinbase suspended XRP trading post the XRP vs. SEC lawsuit, XRP is not available on Coinbase. The future possibilities of XRP saving and earning passive income can be assessed only after the settlement of the lawsuit.
Can you stake XRP on Binance?
Binance offers its users staking and saving features. Currently, it offers staking support for over 101 cryptos. Binance offers XRP holders an option to save XRP and earn passive income on it. It offers currently 0.45% APY on a flexible savings subscription for XRP.
All of this can be done directly from your Binance wallet. The staking rewards vary from time to time. You can visit the staking section on Binance to stay updated.
Is it possible to stake XRP on Uphold or Ledger?
Uphold does provide staking options for several cryptos. But currently, it doesn’t support XRP staking. Currently, you can stake 13+ cryptos on the platform. It allows users to earn up to a 25% return on staked crypto. But the platform doesn’t offer to stake XRP.
Ledger is a hardware wallet for storing, sending, and receiving crypto assets. As per the latest information, Ledger only supports the staking of proof-of-stake coins. Sadly, XRP staking is unavailable at the moment. You can check the full list of supported coins on the link mentioned above.
Is it possible for you to stake your Ripple (XRP)?
Technically, it is not possible to stake your Ripple (XRP). This is because XRP is not based on proof-of-stake consensus. But platforms, including Binance, Nexo, and Crypto.com provide a flexible savings option. So, the general way to earn interest or returns from your XRP is to lend it out to a third party.
The platforms either provide liquidity on their platform or lend it out to people who want to borrow it. In this case, your XRP will be held by the third party. This should be done carefully, as it should only be done on trusted platforms.