Coinone Shocks: Launching the First Bitcoin Staking Service in South Korea
Coinone Launches Flexible Bitcoin Staking Service
Coinone exchange (Korea) has just introduced Bitcoin staking service through Babylon protocol , allowing users to participate in staking while retaining full control over their BTC assets.
When participating, investors will receive BABY tokens - Babylon's native coin - without locking coins. The difference from traditional staking is that Bitcoin can be deposited, withdrawn or traded at any time .
“As the trend of long-term Bitcoin holding becomes more evident, we want to provide a safe staking service that both holds assets and generates passive income,” CEO Lee Seong-hyun emphasized.
Great promotion for early participants
To promote the product, Coinone is running a promotion until September 7. Participants need to enter the event code, agree to the terms and conditions, and purchase a minimum of 100,000 won (about $72) in BTC.
The top 10 buyers will share 2 million won in BTC , while the rest will share a reward from the pool of 8 million won .
This is seen as a strategy to promote long-term investment habits in the context of Bitcoin staking which is not directly supported by the Proof-of-Work mechanism .
South Korea tightens cryptocurrency lending
In parallel with the new service, the Korean Financial Services Commission (FSC) has just requested domestic exchanges to stop all cryptocurrency lending services due to risk concerns.
In the first month, 27,600 investors borrowed a total of 1.5 trillion won ($1.1 billion) from just one program.
Previously, Upbit allowed loans of up to 80% of the value of deposited assets, while Bithumb lent four times more. This move is part of a tighter regulatory strategy, while also preparing the ground for the first crypto ETF and a legal framework for stablecoins pegged to the won , showing that South Korea is both controlling risks and opening up to digital finance.