The developers of Yamgo, a Hedera-based crypto wallet and rewards platform, have announced a major update to the app. Thanks to the update, users who keep HBAR in their Ledger hardware wallets can receive rewards while also contributing to the Hedera Network.
Yamgo and the staking-based incentive built on Hedera
Yamgo Ltd is a tech company based in the United Kingdom. It is developing a rewards, incentivisation, and fintech platform for the marketing, media, retail and financial industries. In addition to offering users a new method to profit from their HBAR token holdings, the new feature also contributes to strengthening the network’s decentralisation and security.
Ledger users who have been largely out of the picture until now, can henceforth take part in HBAR staking, thanks to the new feature. This is an important factor in the Hedera ecosystem because it demonstrates Yamgo’s dedication to enhancing user participation within the Hedera Network. Also, with the Ledger wallet being enabled to include HBAR, users can earn HBAR while still enjoying the security features on their devices.
With this new update, Yamgo has become the first Hedera wallet that lets users earn HBAR staking rewards on a Ledger wallet device. That’s not all-it gives users a chance to earn up to 6.5% on their staked HBAR. To start staking, customers need to register for an account on Yamgo.com and set up their stakes as per the site’s guidelines.
Gains are distributed as a proportion of network transaction fees, with an expected APR of 6.5%. In addition to the earning on staking, all Yamgo users can increase their HBAR rewards by using the platform’s Daily Boost tool. Furthermore, using Yamgo hardware wallet, users can claim their daily boost and staking rewards. This increases their daily payouts and ensures that they enjoy the privacy that comes with cold storage.