Passive Income with Crypto, Easy as 1-2-3 with Magnum Wallet, and Cold Staking!
Magnum Wallet OverviewMagnum Wallet is a non-custodial wallet that combines privacy and security and provides an intuitive interface to manage your $CLO and many other tokens and coins with ease.
One of the advantages of Magnum Wallet is that it natively supports Cold Staking and allows you to earn passive income with your favorite crypto in just a few steps!
To download Magnum Wallet click here!
What is Cold Staking?
Cold staking is not related to proof of stake or a consensus mechanism; cold stakers do neither generate blocks nor confirm transactions. The cold staking contract collects 30% of all mining reward and distributes it to the cold stakers in direct proportion to their holdings.
Cold stakers earn a passive income by locking their coins for 27 days. Therefore, it’s a much more secure and eco-friendly way to earn passive income with cryptocurrencies.
Cold Staking Essential Points
- You can start staking at any time.
- A staking round always lasts 27 days.
- You need to keep some CLO on your wallets to cover transaction fees (generally ~1 CLO is enough).
- Please note that you must wait until the end of the staking period (27 days) before adding funds to the staking contract once you have started a staking round. Otherwise, the current reward will be lost, and a new round will start.
- We recommend you to withdraw the entire deposit with the reward once the staking round is completed, and then restart the staking.
Just click below for a detailed description of Cold Staking!
Passive Income with Magnum Wallet and Cold Staking Tutorial
1. Open Magnum Wallet on your smartphone.
2. Tap on “My Wallets”.
3. Select your Callisto wallet.
4. Tap on “Staking” to begin the process.
5. Enter the amount of CLO you want to stake and tap on “Next”, then confirm the transaction.
6. Wait until the transaction is broadcasted.
Congratulations! All the information about your stake is shown on the screen. You will be able to withdraw your passive income in 27 days.
Cold Staking, Passive Income With Cryptocurrency For Everyone.
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