Luno, one of the leading cryptocurrency platforms, has launched crypto staking in Nigeria, marking a significant milestone for the country’s digital asset ecosystem. This move makes Luno the first operational crypto platform in Nigeria to offer staking, enabling users to earn passive income on their digital assets.
Announced today, the development opens new opportunities for Nigerian crypto enthusiasts to grow their portfolios without trading or taking on excessive risk. But what exactly is crypto staking, and how can Nigerians capitalise on this feature?
Crypto staking involves locking up or holding specific cryptocurrencies in a wallet to support the operations of a blockchain network. In return, participants earn rewards, typically in the form of additional tokens. It is similar to earning interest in a traditional savings account, but with potentially higher returns.
Luno’s staking service supports four proof-of-stake assets: Cosmos (ATOM), Solana (SOL), Polkadot (DOT), and NEAR Protocol (NEAR). Users can earn up to 18% annually, with rewards paid out regularly.
Unlike traditional investments, staking does not require a minimum amount, and Luno imposes no fixed lock-up periods or hidden fees. This flexibility allows users to access their assets at any time, making it an attractive option for both beginners and seasoned investors.
With Nigeria’s crypto market already one of the largest globally, valued at $59 billion in on-chain transactions between July 2023 and June 2024, staking could further fuel adoption.
Why Luno’s crypto staking matters for Nigeria
Nigeria ranks second globally in crypto adoption, driven by a young, tech-savvy population and limited access to traditional banking services. With recent crypto-friendly policies, Luno’s staking feature will serve the growing demand for stable, passive income options in a market where risky offshore platforms have often been the only option.
Ayotunde Alabi, CEO of Luno Nigeria, emphasised the significance of this launch, saying, “Staking offers Nigerians a secure, compliant way to grow their wealth. It is a game-changer for those seeking low-risk crypto investment opportunities.”
By offering a locally available, regulated platform, Luno aims to bridge the gap between Nigeria’s crypto enthusiasts and safer investment options.
How Nigerians can benefit
1. Passive income with high returns: Luno’s staking service allows users to earn up to 18% annual returns, far surpassing traditional savings accounts. For example, staking Solana or Cosmos could yield significant rewards over time, especially for long-term holders. This is particularly appealing in Nigeria, where economic challenges like naira depreciation have pushed many toward alternative investments.
2. Flexibility and accessibility: Unlike some staking platforms that impose lock-up periods, Luno lets users stake and unstake assets at any time. There is no minimum investment, so even small-scale investors can participate. This aligns with Luno’s mission to make crypto accessible, as Nigerians can start with as little as they are comfortable investing.
3. Safety and compliance: Luno operates under strict regulatory standards, ensuring user funds are secure. The platform stores crypto on a 1:1 basis and conducts regular audits, providing transparency and trust. In a market prone to scams, Luno’s compliance-first approach could be very tempting.
4. Diversification: Crypto taking allows Nigerians to diversify their portfolios beyond Bitcoin and Ethereum, which dominate local trading. By supporting altcoins like Polkadot and NEAR, Luno provides exposure to innovative blockchain projects, potentially increasing returns as these networks grow.
How to get started with Luno crypto staking
Getting started is straightforward. Download the Luno app, available on iOS and Android, and create an account. After completing verification, deposit or purchase one of the supported staking assets (ATOM, SOL, DOT, or NEAR). Navigate to the staking section in the app, select your asset, and start earning rewards.
However, users should be cautious. Crypto staking carries risks, including price volatility and potential network issues. Luno emphasises responsible investing, urging users to research and only stake what they can afford to lose.
Luno’s crypto staking launch follows its successful rollouts in South Africa and Malaysia, where over 150,000 customers have staked more than R1.5 billion in assets. This suggests strong demand for passive crypto products in regulated markets. Nigeria’s recent regulatory advancements, including the Investment and Securities Act 2025, classify cryptocurrencies as securities, paving the way for greater oversight and investor confidence.
The Nigerian Securities and Exchange Commission (SEC) has also granted provisional licenses to local platforms like Busha and Quidax, signalling a maturing crypto ecosystem. As regulations evolve, staking could attract institutional investors, further integrating crypto into Nigeria’s financial system.
Luno’s introduction of crypto staking in Nigeria is a landmark move, offering a secure, flexible, and high-yield investment option.
As Nigeria’s crypto market continues to grow, staking could play a big role in driving crypto adoption, financial inclusion, and wealth creation.
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