The newly released CoolWallet Pro allows you to now safely stake your crypto in cold storage on a secure mobile hardware wallet. Follow our step-by-step guide and start earning passive income on your crypto assets!
Table of Contents
- Introducing CoolWallet Pro Staking
- How to Set Up and Prepare CoolWallet Pro for Staking
- How to Add a New Stake on the CoolWallet Pro
- How to Monitor Ongoing Stakes on the CoolWallet Pro
- How to Claim Stake Rewards on the CoolWallet Pro
- How to Cancel a Stake (Unstake) on the CoolWallet Pro
Introducing CoolWallet Pro Staking
In case you missed our big announcement, CoolBitX has released our next-generation hardware wallet, the CoolWallet Pro, for serious crypto users. Here’s our article that recaps everything you need to know:
In summary, CoolWallet Pro is the latest addition to CoolBitX’s offering of all-in-one Bluetooth-enabled hardware wallets. The CoolWallet Pro not only provides the same military-grade security and convenience that you have come to know and love from the brand. As its name suggests, this new cutting-edge cold storage wallet raises the stakes considerably (so to speak!). It offers a more dynamic playbook for advanced users looking to earn passive income and yield on their crypto assets.
The CoolWallet Pro offers new premium features such as enhanced crypto staking and enhanced support DeFi protocols, Dapps and NFTs, which should all be available to CoolWallet Pro users from Quarter 3 of 2021, as well as enhanced security (CCEAL6+ secure element) and a fresh new look.
In terms of crypto staking, the CoolWallet Pro provides secure support for PoS coins, including Polkadot (DOT), Cosmos (ATOM), and Tron (TRX), with more coins on the product roadmap. Read on to find out how you can make use of this exciting new feature.
Preparing Your CoolWallet Pro For Staking
After unboxing your new CoolWallet Pro hardware wallet, you will need to download the CoolBitX crypto wallet app from the Apple AppStore or Google Play Store and enable Bluetooth on your smart phone to pair the devices. Then, after creating or restoring your wallet, generating your seed phrase (and storing it in a safe place), as well as selecting which cryptocurrencies you want your wallet to support, you’re ready to start staking.
STEP 1: GETTING STARTED- SET UP YOUR COOLWALLET PRO AND COOLBITX CRYPTO APP
So… you’ve finally gotten your hands on the CoolWallet Pro! Congratulations. Now all you need to do is to set up your hardware wallet, download the app and pair them. Remember to back up your recovery seed offline and keep it somewhere safe.
Just follow our instructions right here : https://www.coolwallet.io/start/
STEP 2: GO TO STAKING IN YOUR APP
From the Marketplace page of the app, select ‘Staking’
STEP 3: CHOOSE COINS TO STAKE
Now, proceed with the next steps:
- Select the supported coins for staking (The estimated APY, or Annual Percentage Yield, which reflects the real returns when considering compound interest, for the specific stake will be displayed).
- The CoolWallet Pro at launch will support 3 crypto assets for staking, namely ATOM, DOT and TRX, but expect this list to keep growing as new coins are supported.
- Press ‘Stake’
What is “Staking”?
“Staking” is a service based on the DPoS (Delegated Proof of Stake) consensus mechanism, which in short means its an improvement on the PoS concept, where network users vote and elect delegates to validate the next block in order to reach consensus more efficiently and democratically. You can delegate your assets to a designated validator and earn rewards in the same coin as the one you delegate.
Unstaking Your Crypto on the CoolWallet Pro
Removing your stake is super easy on the CoolWallet Pro. When you want to retrieve your delegated assets, you can end the delegation (unstake) after the lock-up period expires.
The lock-up duration and maturity may vary between validators. Please read the “Unstake” section of this article to see how to cancel your stake.
How to Add a New Stake on the CoolWallet Pro
STEP 1: GO TO “MANAGE STAKES FEATURE”
Go to the “Manage Stakes” section of the app, where you can stake, claim rewards, or check the list of ongoing stakes.
If you wish to add a new stake, press ‘Stake’.
STEP 2: ENTER THE STAKE ADDRESS AND VALIDATOR
- In order to add a new stake, you need to enter the address and validator for your stake and the amount.
- Next, you will see an estimated reward.
- If you wish to continue with the stake, press ‘Continue.
*Estimated reward is provided by a third-party service provider and is a rough estimation of the revenue from staking for a month, however, the actual amount will depend on several related factors and CoolBitX does not guarantee the accuracy of the estimated revenue.
STEP 3: VERIFY WITH CARD
Next, you will need to complete a series of card verification steps in order to complete the staking process. Please review the details of your stake and press ‘Verify with card’ to proceed to the next step.
You will then be prompted to turn on your wallet. Please ensure that Bluetooth is enabled on your phone and press the wallet button until you see the “Hello” message
STEP 4: CONFIRM THE STAKE
Staking Wallet Confirmation:
Once you have paired your wallet with the app, you will need to press the wallet button to physically confirm the stake. This is a safety measure to ensure that you and only you allocate your funds for staking as you wish. It is an important safety feature that separates CoolWallet Pro from other app-based wallets.
- Coin type
- Transaction type
- Staking address (optional, you need to turn on the “Show Full Address” feature in the Settings page of the app)
- Stake amount
*Staking address will be split into 5 segments. Once you have conﬁrmed each segment, please press the wallet button to jump to the next segment. This is to ensure and visually confirm that you’re staking to the right address. The conﬁrmation may take a few minutes.
STEP 5: VIEW DETAILS ABOUT COMPLETED STAKE
Once you have confirmed the stake amount and the authorization for the Staking Validator’s address, you will see the “Stake Completed” message.
You can then press ‘Staking Management’ to see more details about the stake.
How to Monitor Your Ongoing Stakes on the CoolWallet Pro
STEP 1: GO TO THE “MANAGE STAKES” SECTION
Simply navigate to the “Manage Stakes” section of the app, where you will see a list of ongoing stakes.
How to Claim Staking Rewards on the CoolWallet Pro
STEP 1: PRESS ‘CLAIM REWARD’ ON SELECTED STAKE
To collect your staking rewards, simply press ‘Claim Reward’ to receive the rewards from your stake.
STEP 2: VERIFY WITH CARD
Once you have selected the claimable rewards, please press “Verify with card” and turn on your wallet.
STEP 3: CONFIRM REWARD AMOUNT
Then, please conﬁrm the reward amount and press the wallet button to conﬁrm the claim. You will see a “Reward Claimed!” message when the claim is completed. Press ‘Done’ to close the page.
*The claimed reward should be distributed to your address within 5 minutes. If you have not received your reward after 30 minutes, please contact [email protected].
How to “Unstake”(Cancel a Stake) on the CoolWallet Pro
STEP 1: PRESS ‘UNSTAKE’ AND SELECT STAKE
If you need to cancel your stake, please press ‘Unstake’ from the “Manage Stakes” page of the app. Then, select the Stake that you wish to cancel (if you have more than one ongoing stake).
STEP 2: VERIFY WITH CARD
Once you have conﬁrmed the Unstake amount, please press ‘Verify with card’ and turn on your wallet to claim the reward.
STEP 3: UNSTAKE CONFIRMED
When you connect the card, please ensure that Bluetooth is enabled on your phone and press the wallet button until you see the “Hello” message. Once the Unstake is completed, you will see an “Unstake Succeed!” message. Press ‘Done’ to close the page.
We hope you enjoyed this crypto staking guide on the CoolWallet Pro. Stay tuned for future staking guides for Polkadot, Cosmos.,and Tron on our amazing new hardware wallet!