Major cryptocurrency exchange Binance has announced support for Tezos (XTZ) staking at zero fee.
On Dec. 3, an announcement was made by Binance stating that users will be able to trade with XTZ, with XTZ rewards to be calculated daily based on live snapshots and distributed monthly. The distribution is set to end before Jan. 20, and after that on the 20th day of each following month.
#Binance Will Support Zero Fee @tezos $XTZ Stakinghttps://t.co/Wit9SAOXF9 pic.twitter.com/LMs7Oh3mZo — Binance (@binance) December 3, 2019
Users are said to hold at least 1 XTZ in order to qualify for staking rewards. Currently, Tezos is trading at $1.26 in publishing time.
Binance initially hinted at the possibility of staking when it listed the coin with the three trading pairs against Bitcoin (BTC), Tether (USDT) and Binance Coin (BNB).
Is your staking service provider still charging you fees? Or are you spending quite a lot of effort (cost) on your own? Let us do it for you, no charge. https://t.co/t1odmIAuSx — CZ Binance (@cz_binance) December 3, 2019
Staking refers to the practice of holding a cryptocurrency in a wallet to support a blockchain network’s operations. In addition to allowing holders to vote on blockchain operations, staking also generates periodic rewards for the holder staking their funds.
Recent Additions of Binance
Binance recently acquired DappReview, a Beijing-based blockchain data startup offering data-driven research and advertising services to blockchain-based decentralized applications (DApps).
More recently, the crypto exchange listed four new Russian ruble trading pairs alongwith partnering with TravelByBit, a crypto travel startup, to launch a rewards card that facilitates crypto payments on major travel websites.
In Nov. Binance announced its acquisition of WazirX, the India-based bitcoin exchange enabling to buy and sell crypto with Indian Rupees (INR) on the Binance Fiat Gateway, starting from November 25, 2019.
Source: Binance | Cointelegraph | Image: Binance