MetaMask Launches In-wallet Staking Service

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  • MetaMask has ventured into the staking world with a pooled staking service
  • Dubbed “MetaMask Pooled Staking” it’s meant to bring 99% of ETH holders who can’t afford to create a validator node on their own into the staking space
  • The MetaMask pooled staking service is managed by the wallet’s creator Consensys

Crypto wallet MetaMask is venturing into the crypto staking space to help Ethereum users with less than 32 ETH stake their funds through a pooled staking service. Managed by MetaMask’s creator Consensys, the service will allow ETH holders to pool their funds, stake them and receive rewards. Consensys’ Matthieu Olive noted that the service will help boost Ethereum’s decentralization, something that also adds to the blockchain’s security.

United States and United Kingdom not Supported

In a statement, Consensys said that MetaMask Pooled Staking will initially be available “to a portion” of users but will be rolled out to more users in the near future. The wallet’s users in the United States and the United Kingdom won’t be able to use the service but there are plans to “bring it to market in these regions.”

Consensys disclosed that 74% of available ETH isn’t staked, adding that the staked ETH is concentrated in a few “large pools.” Some of the features of the staking service include no minimum staking amount, earning staking rewards, and easy tracking of rewards.

The new MetaMask feature comes nine months after Consensys said that it’ll shift its focus to the wallet to increase its tooling and enhance access to Ethereum smart contracts. MetaMask has also been adding more features and access to more blockchains.

MetaMask Preparing to Welcome Bitcoin

In November last year, for example, it added a feature to alert users of malicious transactions. It also gave users the option to liquidate their ETH holdings for cash. Three weeks ago, there were reports that MetaMask is preparing to add support for Bitcoin.

With MetaMask being a reputable wallet and operated by a respected web3 company, its pooled staking feature is likely to be widely adopted especially by small ETH holders.