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FAQ: Young Platform Clubs

How do the Clubs work? FAQ about the YNG token

Here are the Young Platform Clubs: packages of exclusive benefits and opportunities. Got doubts? Here is the FAQ!

Along with its market listing, the YNG token is introducing another new feature at Young Platform: the Clubs. They can be accessed by blocking a certain amount of tokens, and membership entitles you to discounts and promotions. What are Clubs? How many YNG do I need to block? How can I join? These and other questions are answered in this article. Welcome to the Young Platform Clubs FAQ!

Find out about:

  • What are the clubs?
  • What are the main benefits?
  • How does signing up for the Clubs work?

The benefits

What are the Clubs?

Clubs are the evolution of the proportional discount plans given by holding YNG.

They are packages of advantages that are accessible by blocking YNG. The more YNG you block, the greater the advantages and the higher the Club level you’ll get. Discover all levels on the Clubs page.

What are the main advantages of the Clubs?

The benefits reserved for Clubs are many and diverse, with constant updates and new ones in development. The higher level Clubs reserve more benefits in proportion to the number of YNG required for membership. Discover all the benefits in the dedicated app section or on the official Clubs page!

If I already have a discount on fees, what discount will I get by joining a Club?

If you already have an active fee discount and you join a Club, you will only benefit from the higher discount of the two.

If I have enough YNG to upgrade my Club level, but my membership is not yet expired, how do I do that? 

If you have enough YNG to advance to the next club, you can do so even if your 90 days of membership are not yet up. You only need to block the missing YNG to move up a level. For example, if you want to upgrade from Silver to Gold, you only need to have 5000 YNG to block in your membership, as you already have the other 5000.

To make this upgrade, click on the sign up button for the next club. From the moment you confirm it, your new Club membership will last at least 90 days. 

On the other hand, it is not possible to unlock YNG before the end of a membership to downgrade to a lower club.

Do the fee discounts given by the Clubs also apply to Young Platform Pro?

Yes

Sign-up process

When does club membership expire?

You can join a Club at any time. Membership lasts for a minimum of 90 days, after which you can cancel it if you do not want to remain in the Club automatically.

What’s the minimum amount required to access a Club? 

You need to block at least 1500 YNG to access the Bronze Club. These YNGs are not spent, but simply blocked until unsubscription.

What does ‘locking YNG’ mean?

It means that in order to sign up and remain a member, you have to ‘freeze’ a certain amount of YNG, i.e. keep it blocked without being able to sell or transfer it. This means that the moment you decide to unsubscribe, you can unlock YNG and use them as you wish. This is why you don’t actually spend money.

Can I use blocked YNG tokens to join a Club?

No, only free YNG tokens that are useable within the Step Wallet can be used for Club membership.

How do I sign-up to a Club?

In the top bar of the Young Platform app, you will see the ‘Clubs’ section. Click and choose the Club of your choice. Then to join, simply block the required number of YNG tokens. Membership lasts a minimum of 90 days.

Are Clubs also available on the Pro version?

No, the feature will only be available on the basic app.

How can I renew my membership?

After 90 days of mandatory membership, if you do not deactivate your membership manually, your membership will automatically be renewed.

Cancelling my membership

How can I cancel my Club membership?

You can only cancel your membership after 90 days. In the Club section of the Young Platform app, you will see the option to cancel your membership in a few simple steps.

What happens after I cancel my Club membership?

Your blocked YNG will automatically be transferred to your Spot wallet.

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Your exchange opens its doors to the Community: here come the Clubs!

Community Sale Chapter 2: after Cashback, today we discover how Young Platform’s Clubs based on the YNG token work. Here are all the advantages!

On the 10th of May, we launched the Community Sale of the YNG token to allow Young Platform enthusiasts to play ahead of the rest of the market before the 31 May listing.

We have introduced the Cashback mechanism on YNG purchases over €200 and reconfirmed the fixed price of €0.24 until the 24th of May.

But Cashback is not the only advantage of the YNG Token: we have another card to play!

These are the Clubs, exclusive packages for token holders to experience the world of Young Platform even more intensely. It’s time to find out how they work and what benefits they bring!

What are the Clubs and how do they work?

Imagine experiencing Young Platform like a celebrity. Discounts, promotions and exclusive benefits at your fingertips. Imagine being part of an inspiring community and being in direct contact with the team at your favourite exchange. If only you could count on personal attention and five-star support. 

No need for daydreaming, the Clubs are coming to fulfil your fantasies! 

The crypto project of the moment decides to do an airdrop in collaboration with Young Platform? Perfect, you will receive a bonus on the tokens distributed!

Want to stake your cryptocurrencies? Great, your rewards will be increased and your assets won’t just gather dust!

So if you want the ultimate crypto experience on Young Platform, don’t miss out on the Clubs. These are packages of benefits that will be accessible from the 31st of May* by locking the YNG you own or buy. The more YNG you lock, the more benefits you will get and the higher your Club level will be.

Accepting the invitation to the Clubs also means actively contributing to the growth of Young Platform: in an ecosystem, as in a community, the success of one part is the success of all!

How do I join the Clubs?

The Clubs are already visible from the 10th of May on Young Platform, but you can only sign up from the launch of YNG on the market, on the 31st of May*.

Only YNG from your Step Wallet can be used to join a Club, i.e. not locked YNG.

The minimum subscription period – and therefore the blocking of YNG used to join – will last 90 days.

After these 90 days, you can decide to unsubscribe and unlock the YNG, or stay subscribed and leave the YNG locked for as long as you want. 

Do you have more questions about how Exclusive Clubs work? Here are all the answers you need!

*Dates may be subject to change because of delays caused by third parties involved in the process.

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Discover what YNG is, Young Platform’s community token!

yng token

The Young Platform token can be purchased in advance thanks to the Community Sale. Find out what YNG is and how it works!

We’re excited to introduce YNG, Young Platform’s token! With our Community Sale, we want to give you the chance to buy the token in advance, before the official launch. What’s the advantage of the pre-sale? To reward those who have always believed our exchange, you’ll get up to 15% cashback during the Community Sale. All without commissions! What’s more, for the duration of the Community Sale, the token price will remain locked at 24 cents. Find out what YNG is and how it works!

A token compatible with Ethereum

A token is a based on a blockchain external to the project that developed it. This means that Young Platform does not have its own blockchain, but has decided to create its YNG token on Ethereum, using its ERC-20 standard. Ethereum is one of the longest-running and most famous blockchains in the crypto world, and is used extensively for the creation of new tokens. The ERC-20 standard is among the most secure and widely used, and is the protocol of choice for cryptocurrencies of all types such as Chainlink, Tether and BAT. One of the features of the YNG token is therefore its compatibility with Ethereum! 

A community-token for a community-driven project

One of the cornerstones of Young Platform is its focus on the community. Thanks to YNG, everyone can enter the world of blockchain! The token allows you to not only be a passive spectator of the crypto world, but to become part of a technological ecosystem that is developing right now, before our eyes. You can earn rewards in YNG by studying and testing your knowledge on Young Platform Step, or you can unleash your inner trader by trading the token on our exchanges. Or you can enjoy exclusive bonuses reserved for those who block a certain number of YNG tokens in their Wallet. Whichever path you choose, with YNG you’ll have front row seats to watch this technological revolution with like-minded people!

Not only for expert traders!

After the end of the Community Sale, the official YNG listing will follow. What does this mean? It means you can unleash your inner trader and trade the Young token just like you trade Bitcoin and Ethereum! The price will no longer be locked at 24 cents but will be decided by the market, so take advantage of the cashback and fixed price to get a head start. Even if you’re new to trading, you’ll find the Young Platform services to be as simple and intuitive as you need to get started. 

But the news about the Young (YNG) token doesn’t end there. Buying and locking YNG will provide you with fantastic benefits to give you a tailor-made experience in the crypto world. Want to know more? All will be revealed tomorrow!

In summary, the YNG token reflects all the characteristics and ideals of Young Platform. The search for proven and reliable technologies, such as Ethereum, to promote a secure and certified experience. The focus on ensuring straightforward and no-nonsense services, to learn crypto by going straight to the point. But above all, the centrality of the community and the desire to reward its loyalty!

Now that you know what the YNG token is and how it works, why not be one of the first to join us in the Community Sale? Share your passion for cryptocurrencies and join Young Platform!

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FAQ: YNG token community sale 

FAQ: How does the community sale of the YNG token work?

The YNG token Community Sale allows you to pre-purchase YNG while saving money and earning bonuses. Having doubts? Here’s the FAQ! 

Today, the 10th of May, the Community Sale of the YNG token has begun. The big news has been unveiled: YNG will be released into the marketplace at the end of the month. Young Platform has organised a pre-sale for all those who want to buy YNG before the market launch, and you are entitled to a number of benefits. Welcome to the Community Sale FAQ!

What is the Community Sale and how long does it last?

The Community Sale is a period of time during which our users are given the opportunity to purchase our proprietary YNG token at advantageous conditions (Cashback, 0% commission and fixed price): it will last from 10 to 24 May 2022.

How much does the YNG token cost?

During the community sale, one YNG is equivalent to 0.24€. 

Are there fees for buying YNG?

No. During the Community Sale, no fee is charged for the purchase of YNG.

Is the cashback an offer valid for all?

Yes, anyone can obtain the cashback reward, by buying at least 200€ worth of YNG. The offer is valid for new as well as old users.

What’s the minimum amount to obtain cashback for buying YNG? 

You need to make a purchase equivalent to at least 200€, or 834 YNG.

The general minimum purchase amount is only 10€ of YNG, however you will not receive cashback for a purchase worth under 200€

In what currency will I receive the cashback?

In YNG.

How long will the YNG I get from cashback be blocked?

90 days from the day you made the corresponding purchase. If you make more than one purchase, you will see the differentiated expiry date for each cashback received.

Is purchasing with Cashback also possible on Young Platform Pro?

No. You can only receive Cashback by purchasing on the web and mobile (app) version of Young Platform in its basic version.

What will happen after the Community Sale?

After the 24th of May, the buying and selling of the Young token (YNG) will be blocked – until the 30th of May*. After that YNG will be launched on the open market and potentially listed on other exchanges, then the price will start to change according to the law of supply and demand. At launch, the buying, selling and trading of the token will be simultaneously rehabilitated. 

What happens on the 31st of May*?

The Young token (YNG) will become like any other token on the market, i.e. volatile. Starting from the price of €0.24, depending on the supply and demand of users, i.e. how much is bought, purchased or held, the price could rise or fall.

When can I sell YNG?

From the 31st of May* onwards.

What are the technical characteristics of the YNG token?

Young (YNG) is a token, and more specifically an ERC-20 token, i.e. based on Ethereum’s standard protocol token. This means that it is compatible with Ethereum’s entire ecosystem of wallets, blockchains and Dapps.

The role of YNG within the Young Platform ecosystem is that of a utility token, i.e. a token that, in addition to having a price, only has added value within the product system for which it was created, offering a series of specific advantages and use cases. 

Is whitepaper for YNG available?

The whitepaper will be available the day of market launch, on the 31st of May*.

If I already have blocked tokens from the 2019 crowdfunding, how do I distinguish them from blocked tokens for the community Sale?

If you are a 2019 crowdfunding investor on Seedrs, within the “Locked YNGs” section you will see an amount labelled “Crowdfunding” and other amounts labelled “Community Sale” with different expiry dates.

Can I convert YNG to other cryptocurrencies?

No, it will only be possible after the market launch, if pair listings with other cryptocurrencies occur.

*Dates are subject to change because of delays caused by third parties involved in the process.

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Buy the YNG token to claim Cashback and advantages

YNG Token: 3 reasons to buy it now

A preview for the community: the Young Token (YNG) for sale with exclusive benefits

A new chapter in the history of the YNG token starts here: YNG will be launched on the 31st of May 2022*! Yes, Young Platform is ready to take the plunge and introduce its token to the entire crypto world. All signs point to market listing, so raise your hand if you guessed right! What does “entering the free market” mean for YNG? It will be able to be bought, sold and transferred on any exchange and blockchain that supports it.

Young Platform wants to celebrate this milestone first and foremost with our users, so before the official listing there will be a special Community Sale where you can buy YNG with exclusive benefits. The Community Sale starts today, Tuesday 10th May and ends on Tuesday 24th May. Check out all the details and bargains waiting for you!

What do I need to know about the YNG token before I buy it?

  • It’s an ERC-20 token, so it’s compatible with the entire Ethereum ecosystem (also Layer2)
  • It’s a utility token, i.e. it is designed solely to have utility within the Young Platform ecosystem. It does not represent shares in the company.
  • Until the 31st of May* it will not be possible to sell YNG

Take advantage of the fixed price of the YNG token

The first opportunity you should not miss is the chance to buy YNG at its fixed price of 0.24€. The Community Sale will be the last time the price of YNG will remain unchanged, after listing and entering the market, the price of YNG will start to fluctuate according to supply and demand. To make it very simple: the less people sell and the more people buy, the higher the price – conversely, the less people buy and the more people sell, the lower the price.

You know what the beauty of it is? These people are you. It’s you and the community that determines the performance of YNG, the same people who have the opportunity to buy it in advance. It’s safe to say that YNG is a community-driven token!

What are the advantages of buying YNG before 24 May?

Bargains are not limited to the fixed price. Your support during this milestone for Young Platform is very important, and we want to reward it as it deserves. Here are the 3 great advantages of participating now (expires 24 May):

  • YNG will keep its fixed price at 0.24€. 
  • Commissions on the purchase of YNG will be reduced to zero.
  • If you buy more than 200€ of YNG you will receive Cashback in YNG

How does Cashback work?

If you purchase the YNG Token between the 10th and 24th of May, you will receive a percentage of YNG in Cashback based on the amount you purchased in Euros.

This offer is valid for all: those who signed up a while ago as well as new users.

YNG Token: 3 reasons to buy it now

From the minimum purchase amount of 10€, up to 199€, you will not receive cashback.

The cashback obtained will be credited immediately to your Young Wallet (YNG), within the “Locked YNG” section.

The cashback in YNG will be blocked for 90 days, i.e. it cannot be sold or transferred for 90 days, after which it must be manually unlocked..

For every single purchase you make, you will see a cashback blocked in this section on the exchange, each with its own clearly marked expiry date.

For all details, check the dedicated FAQ!

Fixes prices, zero commissions and cashback: this phase is the perfect opportunity to get the most out of your favourite crypto exchange.

The launch on the crypto market is a momentous step in Young Platform’s history. YNG was first distributed through an Airdrop on Step in 2018, with over 1 million YNG issued to the initial community during the first year. From 2020, onwards YNG could be bought and sold at a fixed price on the Young Platform exchange, and this introduced its first utility: providing a discount on buying and selling commissions.

With the launch of its token in the market, Young Platform becomes a full-fledged crypto ecosystem. And YNG is the key that unlocks its full potential. Are you ready to invade the crypto sky with us, in a flock of early adopters?

*Dates may be subject to change because of delays caused by third parties involved in the process.

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YNG Token: is the wait finally over? 

Young (YNG): new features for the token

Are you eagerly waiting for the YNG Token? Save the date: Tuesday 10th of May

Do you feel the buzz in Young Platform lately?

Questions about the token are everywhere: in posts, in comments, the Telegram chat, Youtube…

A few days ago we launched staking on the exchange and temporarily blocked buying and selling for the YNG Token.

So what’s going through our minds?

We will reveal our plans one step at a time, like a treasure hunt. We can only make one spoiler: the big star will be the YNG Token!

But what actually is the Young token? It’s the token of the Young Platform ecosystem! Since 2019, the token has been distributed as a reward for Step quizzes and games and made available for trading on Young Platform and Young Platform Pro exchanges.. In a nutshell, YNG is the community token of the Young Platform, and for users it’s the reward for their commitment to studying crypto fundamentals and the chance to get exclusive promotions. YNG holders can get discounts on commissions. Technically, YNG is a utility token based on Ethereum’s ERC-20 standard. Thanks to the YNG token, the entire Young Platform project has established direct and lasting contact with its users, creating the largest crypto community in Italy! For the YNG token it is time for a new challenge…

The first details will only be revealed on Tuesday 10 May 2022, as usual on Young Platform’s App, Blog and Social media accounts. Tuesday will be the first date to write the new chapter of the YNG token together.

Have you figured out what this is about yet?

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Axie Infinity (AXS) lands on Young Platform!

Axie Infinity (AXS) listing on Young Platform

AXS, the token for playing and earning on Axie Infinity, is now available on the Young Platform exchange.

Gaming is one of the branches of the blockchain industry that is contributing to the popularity and spread of cryptocurrencies. One of the most popular and widely used video games on blockchain by gamers around the world is Axie Infinity, a play-to-earn Metaverse launched in 2018 that earns AXS through challenges and quests. You can now purchase the AXS token on Young Platform and Young Platform Pro!

What is Axie Infinity?

Axie Infinity is a blockchain game that uses the Ethereum infrastructure. The way it works is very similar to video games where you receive “gold” for completing specific actions, but in the case of Axie Infinity the tokens obtained are cryptocurrencies and their value does not just limit itself to within the game dynamics.

The protagonists of the Axie Infinity games are the Axies, fantasy-like NFT monsters that live in the Lunacia universe. In order to take part in the game experiences in the Metaverse, you must have at least one Axie. Axies must be bred and can fight each other in Arenas, with most player rewards coming from the success of these two actions. 

What is AXS?

AXS is one of the two tokens on which the internal economy of Axie Infinity is based, its name stands for “Axie Infinity Shards”. The second token in the Metaverse is called Smooth Love Potion (SLP), both of which are ERC-20 tokens. 

AXS is the “glue” that holds all members of the Axie Infinity community together, it can be used for staking, in-game payments and to participate in project governance by proposing updates or improvements. Axie Infinity players earn AXS as rewards for completed missions and reuse them to maintain their Axies. 

Why did we choose AXS?

On Axie Infinity you can also experiment with a range of decentralised finance services. In fact, the original intent of its developers was to bring people closer to DeFi through a fun platform. An educational mission that we at Young Platform fully share! With Axie Infinity you can try your hand at staking, decentralised NFT lending and the mechanics of a real DAO. 

Which pairs are available for AXS?

  • EUR-AXS

Want to know more?

Read the Academy article dedicated to Axie Infinity!

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5 curiosities that make Fantom a unique DeFi platform

5 interesting facts about Fantom

What metaverse and NFTs are on Fantom? Why is it linked to Cronje? What is its logo doing on F1 circuits? Find out 5 interesting facts about Fantom!

FTM, the Fantom token, is now available on Young Platform! Surely you’ve already heard about it, this blockchain platform is one of the most widely used for the provision of DeFi services, but are you sure you know everything about it? Certainly its “spooky” branding doesn’t go unnoticed, between emoji of ghosts and the reference to the musical “The Phantom of the Opera,” the developers who use Fantom indulge in metaphors and creepy names. One example? The BOO token from Spookyswap, the dapp Tomb Finance and the NFTs from Fantums of Opera. But the FTM ecosystem doesn’t only hide horror easter eggs, here are 5 interesting facts about Fantom!

1. Andre Cronje’s history with Fantom

A simple search on Google or Twitter shows that Fantom is often associated with the name Andre Cronje. But who is Andre Cronje? And most importantly, why is he so important to Fantom? Cronje is one of the most prolific developers in the DeFi industry, creating several protocols and dapps that have helped shape the current image of DeFi and Web3. Cronje has become a crypto star because of his coding skills but also because of his repeated “rage quitting” over DeFi (after the last one a few months ago, in the past few days he broke his silence by talking about the need for crypto regulation). His most famous creations are Yearn Finance and Keep3r, but Cronje has also contributed to the development of other protocols such as Fantom. The developer worked on Fantom from 2018 to 2022 as a technical advisor and as chairman of the Fantom Foundation Technology Council. His imprint was decisive and his prestige in the DeFi field attracted the trust of many people who became Fantom supporters.

After Cronje’s farewell, Fantom suffered in terms of popularity and TVL decline, but DeFi is not made by individual developers. The team has continued to work, gaining deserved success!

2. Fantom cradle of Metaverse

When designing a Metaverse on blockchain you have to take into account all the transactions that need to be processed by all the active users, and Fantom has all the makings of a platform loved by Metaverse developers: it’s fast, scalable and cheap! 8BIT Nostalgia is one of the Metaverse on Fantom, essentially an interactive 3D space that can be explored by avatars sold as NFTs. On 8BIT there are game areas and arenas where users can come together to chat and design new features. 8BIT is expanding through various collaborations, for example owners of the ADAPunks collection on Cardano will be able to use their skins on Fantom as well. As the name implies, the atmosphere of 8BIT is very nostalgic. You can’t help but shed a tear when you think back to Pokemon Perla on Nintendo DS!

Another Metaverse on Fantom is Pod Town, which is distinguishing itself by building a solid in-game economy. Pod Town is integrating a number of DeFi services that allow players to manage and monitor their in-game assets and wallets. The third noteworthy project is Slothtopia, this Metaverse on Fantom is developing a 3D virtual world compatible with VR. 

3. A strong team

Fantom works with the crème de la crème of Web3. In fact, among the protocols integrated into the blockchain platform are Chainlink, The Graph and Ankr. In detail, Fantom works with Chainlink to ‘build secure and scalable DeFi products such as decentralised stablecoins, lending protocols and synthetic assets’. Developers using Fantom’s infrastructure can freely access Chainlink’s oracles to combine and compare on-chain and off-chain data from trusted sources. The Graph, on the other hand, comes in handy when one wants to consult information from different blockchains, information that can be useful for developing and offering cross-chain solutions. With The Graph, Fantom has found the solution to interoperability problems. Finally, Fantom uses the API and development tools of the Ankr protocol.

4. Book your holidays with Fantom

Among the five facts about Fantom, there is an initiative that makes people dream about holidays. In 2020, Fantom started a partnership with Travala.com, the leading cryptocurrency travel booking platform active since 2017. Thanks to this partnership, people can directly use their FTMs on Travala to book hotels, houses, flights, tours and various activities. The Travala project aims to make the travel industry cheaper, fairer and more inclusive, those who use FTM for payments will be able to save over 40% (compared to other classic online travel agencies) and be able to choose from 2 million properties and 600 airlines. 

5. Speed champions agree: Fantom and F1

Fantom has signed two agreements to sponsor Formula 1 projects. In 2021, the partnership with the Italian team Scuderia Alpha Tauri was announced, with the Fantom logo appearing on the car, helmets and drivers’ overalls. 

Since March 2022, the Fantom brand has also been present on the equipment of Pietro and Enzo Fittipaldi, the two F1 drivers also known as the Fittipaldi Brothers. In addition to the sponsorship, the two brothers have chosen Fantom as the platform to create their first NFT collection. “My brother and I have been interested in the cryptocurrency space for some time, we are fascinated by the potential it has to inspire financial freedom and the tools for athletes to engage with their fans,” commented Pietro Fittipaldi.

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Q&A: How the Earning Wallet works

staking faq

What is staking? 

Staking is a feature that allows you to bind your cryptocurrencies for a period of your choice in order to receive a reward. This reward is calculated as a percentage of the amount you choose to stake. So the higher the amount, the higher the reward. 

How does staking work?

Go to the new Earning Wallet section:

  1. Choose a currency

Choose one of the available cryptocurrencies

  1. Enter the amount

Manually enter the amount or click on “Max” if you want to stake the entire balance of a cryptocurrency you have in your Spot Wallet.

  1. Set the Duration

Select how often you wish to receive the reward: 30 days, 90 days, 180 days. 

Keep in mind that for the duration of the staking period you will not be able to use your cryptocurrencies, i.e. you will not be able to sell them or transfer them to other wallets. They will then be ‘locked’ to the Earning Wallet until the end of the staking period. 

At the end of the staking period both the amount and the reward will be automatically credited to your Spot Wallet.

How do I get the reward? 

In order to receive the staking reward, you need to keep the stake active until the end of the period you chose. For the duration of the staking period, your cryptocurrencies will remain locked in the Earning Wallet, meaning you will not be able to sell or transfer them. 

What cryptocurrencies can I stake in the Earning Wallet? 

Currently, the cryptocurrencies available for staking are Bitcoin (BTC), Ethereum (ETH) and Tether (USDT).

Can I activate staking more than once on a cryptocurrency?  

No, you can only activate a stake at a time with a currency. So you can activate up to a maximum of 3 stakes overall: one on Bitcoin, one on Ethereum and one on Tether. 

How long do I have to stake my cryptocurrencies and keep them locked? 

Currently, 30 days (1 month), 90 days (3 months), or 180 days (6 months). 

Does the reward vary depending on the duration of the staking?

Yes, the longer the duration, the higher the reward. 

Since the reward is also calculated based on the amount you enter, the higher the amount, the higher the reward.

In what currency will the reward be issued?

In the cryptocurrency you are staking, so not in euros.

How are the estimated rewards calculated?

Amount selected for staking * annual percentage

Example: I place 3.5 ETH in staking for 1 year with a 3% reward.

After 1 year I will receive 0.105 ETH, so in total I will have 3.605 ETH.

Can I redeem my rewards before the end of the chosen period?

No, you can’t. If you attempt to redeem the reward of a staked amount before the end of the selected period, you will automatically lose the reward achieved.

Does auto-renewal allow me to increase my rewards?

If you activate auto-renewal on a stake, then at the end of the first period, your accumulated rewards will also be staked. This increases the amount of staked tokens and consequently increases the final reward.

Example: I have staked 1.5 BTC for 1 year at 3%, and at the end of the year I have accumulated 0.045 BTC. 

With Auto-renewal you will automatically be staking 1.545 BTC. Still with 3%, I will receive at the end of the year 0.04635 BTC.

If the auto-renewal remains active, after the second year of staking, 1.545+0.04635 = 1.59135 BTCs will be staked.

What exactly is staked with auto-renewal?

The same amount you initially selected, plus the reward you have accumulated up to the end of the previous period.

Can I cancel a stake before it ends?

Yes, but you will lose the reward for that stake. It is particularly not recommended to cancel a stake with auto-renewal set, as you may lose all the rewards generated over the months. 

Can I set a Recurring Purchase on a stake?

No. It is not possible to set up recurring purchases on the Earning Wallet.

Are there any fees required to activate a stake?

No. Transactions on the Earning Wallet, blocking, unblocking and redeeming rewards for staked amounts is totally free of charge.

Are there minimum/maximum amounts for staking?

Yes, the minimum amounts are as follows

  • Bitcoin: 0,00051 BTC 
  • Ethereum:  0,01 ETH
  • Tether:  20 USDT 

The maximum amounts are as follows

  • Bitcoin:  1 BTC
  • Ethereum:  15 ETH 
  • Tether: 50000 USDT

Can I activate/disable the Auto-renewal at any time?

Yes, however, the option will not be available on a cryptocurrency stake already ended.

Can I activate the Auto-renewal on all my stakes at the same time?

The Auto-renewal must be activated individually on each single active stake.

Is Staking available on Young Platform Pro?

No. The Earning Wallet is only available in the web and app version of Young Platform, basic version.

How is it possible to stake a Proof-of-Work cryptocurrency like Bitcoin?

The functionality is called Earning Wallet precisely because it can include different types of rewards.
The term “staking” is used on our products and in communications to explain the mechanism straightforwardly.
“Staking” is a commercially popular term to refer to the process of locking cryptocurrencies in exchange for rewards.
In fact, the underlying technology of the current Earning Wallet service, thanks to provider Tesseract, allows this cryptocurrency-based functionality to be delivered by providing the same experience as staking, but not as a consequence of Proof-of-Stake.

Can I use the cryptocurrencies in my Moneybox for staking? 

No. The amount for staking can only be transferred from the Spot Wallet.. Therefore, if you want to use the cryptocurrencies stored in the Moneybox, you must first move them to the Spot Wallet and then stake them.

How long does it take to credit a Staking Reward?

The credit transfer from the Earning Wallet to the Spot Wallet can take between 1 and 5 working days. Any changes will be communicated in the ‘Staking Details’ section. 

How long does it take to credit back the amount when I cancel an active stake?

The credit transfer from the Earning Wallet to the Spot Wallet can take between 1 and 5 working days. Any changes will be communicated in the ‘Staking History’ section.

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New feature: Activate the Earning Wallet on Young Platform

staking

Has the bear market put your cryptocurrencies to sleep? Are you afraid to even check the daily prices anymore?

There’s a new way to help your favourite cryptos flourish, in good times and bad.

Thanks to the Earning Wallet feature, you can stake your Bitcoin, Ethereum and Tether to earn a reward!

How does staking work?

Staking is a feature that allows you to bind your cryptocurrencies for a period of your choice in order to receive a reward. This reward is calculated as a percentage of the amount you decide to stake. So the higher the amount, the higher the reward. 

But don’t forget that for the duration of the staking period you will not be able to use your cryptocurrencies, i.e. you will not be able to sell them or transfer them to other wallets. For that time they will be “locked” into the earning wallet until the end of the staking period. 

A prerequisite for receiving the reward is that of keeping your cryptocurrencies locked until the end date of the stake.

If you need to unlock your cryptocurrencies for any reason, just cancel the stake. If you cancel a stake, however, you’ll lose the reward achieved up to that point. 

NB. You won’t lose all the rewards earned, just those related to the stake you are cancelling. 

To recap:

  • Staking your cryptocurrencies means locking them in for a period of time of your choice
  • At the end of this period, you’ll receive a reward 
  • This reward is calculated as a percentage of the amount of cryptocurrencies you lock in, so the higher the amount, the higher the reward 
  • You can cancel a stake at any time, but beware: by doing so, you’ll lose the rewards attached to this stake. 

Which currencies can be staked?

The Earning Wallet is now available for 3 currencies: 

  • Bitcoin (BTC) 
  • Ethereum (ETH)
  • Tether (USDT)

Make sure you have these currencies in your Spot Wallet if you want to stake them in your Earning Wallet. 

You can only create 1 stake for each of the 3 currencies. This means that you can activate a maximum of 3 stakes. 

NB. If you want to use currencies that you have in the Money Box section, first you will need to transfer them from the Spot Wallet and then stake them. 

What is the annual percentage of individual currencies? 

The annual percentages are:

  • Bitcoin (BTC) 3%
  • Ethereum (ETH) 4%
  • Tether (USDT) 7.5%

How do I set up a stake on a currency?

Stake your cryptocurrencies in 3 simple steps:

  1. Choose the currency

Choose one of the cryptocurrencies available in the “Earning Wallet” section. 

  1. Enter the amount

Enter the amount manually or click on “Max” if you wish to stake the entire balance of the cryptocurrency you have in your Spot Wallet.

  1. Enter the duration

Select how often you want to receive the reward: 30 days, 90 days, 180 days. 

Once you have set these parameters through the intuitive route on the app, you can activate your stake with a tap on the screen!

IMPORTANT!

Remember that if your strategy is to continuously receive a reward through the staking feature, you will need to activate Auto-Renewal. 

Otherwise, once you reach the end of the chosen period (e.g. 30 days), both the amount you have entered and the reward will be automatically credited back to your Spot Wallet, and you will not receive any further rewards. 

How does Auto-Renewal work?

Auto-Renewal allows you to keep your cryptocurrencies staked and receive a reward on an ongoing basis. 

It is activated on the day the staking period ends (e.g. if you have chosen a 30-day period, on the 30th day), and will keep the amount locked in the stake by adding the reward you have earned to this amount. 

This means that thanks to the renewal, you will have staked both the amount set at the beginning and the reward. 

Since the reward is calculated by applying a percentage to the amount, the automatic renewal progressively generates more rewards because it uses all the rewards you generate at each renewal for staking. 

You can turn Auto-Renewal on and off whenever you want, before the end of a stake, of course; otherwise, your cryptos will automatically be moved to the Spot Wallet along with the reward.

Now you just have to let your cryptocurrencies work for you! 

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