A recent update from the Binance-owned Indian cryptocurrency exchange, WazirX, informed that Tezos staking has been enabled for its cryptocurrency traders and investors, who are mostly Indians. The staking service provides yet another opportunity for cryptocurrency users on the exchange to put their holdings to work in turn for more profits.
WazirX debuts Tezos staking service
Tezos is one of the leading blockchain platforms for the development of smart contracts and decentralized applications (DApps). Its native cryptocurrency (XTZ) is ranked as the 15th largest digital currency by market capitalization. XTZ issuance is ensured using the Proof-of-Stake (PoS) consensus model, which requires holders to stake their coins to validate block transactions that come with rewards.
As Tezos staking goes live on WazirX, more than 20 million users on the exchange can buy and stake their Tezos cryptocurrency to earn passive income. According to the exchange’s tweet today, the participants can expect annual interest between 4 to 7 percent. However, a minimum of 3 XTZ deposits is required for the interested traders to participate in the new Tezos staking service.
In addition, the crypto exchange said in the tweet that the Tezos staking service comes with Zero fee, meaning that users won’t be charged for contributing to the coin’s issuance. More so, crypto traders and investors can be able to pull off their cryptocurrencies from the staking service, as there was no lock-up period stated by the exchange.
WazirX flourishing in India
Acquired in 2019 by the largest crypto exchange Binance, WazirX has been announcing several new features for its cryptocurrency users, growing rapidly to become one of the biggest digital currency exchanges operating in India. The new staking service announcement today ranks the exchange as the second company to roll out in-app staking support for the crypto.Last year, the custody arm of the US-based cryptocurrency exchange, Coinbase Custody, announced it is supporting the token staking.