Cryptowallet MetaMask gets new staking feature

MetaMask, the popular Web3 wallet, comes with a new feature in their portfolio app. Now users can compare and manage stake providers and their returns on the dashboard. The app currently supports ETH staking through Lido and Rocketpool, and MATIC staking through Lido and Stader Labs. The service does not apply to users living in the United States.

MetaMask forwards tokens to the selected provider where they were deposited. Users can withdraw their tokens at any time. With staking, investors deposit cryptocurrencies to secure a blockchain (Proof-of-Stake) and receive a return in return.

The U.S. Securities and Exchange Commission (SEC) has targeted several digital asset exchanges this year, believing that staking services are securities offerings. The SEC fined cryptocurrencies exchange Kraken $30 million for its staking offers. Kraken then stopped serving U.S. customers. In addition, several crypto bills were passed in July 2023 designed to provide regulatory clarity for the industry in the United States.