WazirX, an Indian digital currency exchange now owned by Binance, has rolled out Tezos staking service. The launch of the new service was confirmed in a tweet today from the exchange. This provides more options for crypto traders on the exchange to earn from their cryptocurrency holding, particularly Tezos.
WazirX Begins a 4% to 7% Annual Interest Tezos Staking Service
XTZ is the native digital currency of Tezos. It is a blockchain platform for developing decentralized applications (DApps), including smart contracts. Notably, the cryptocurrency runs on a Proof-of-Stake (PoS) consensus model, meaning that holders will have to stake their coins to validate block transactions.
Usually, a staker/baker with the highest coin gets a high chance of validating a transaction that comes with a reward. By enabling Tezos staking service, over 20 million users on WazirX are provided an option to earn passive income. According to WazirX tweet, participants are entitled to earning four to seven percent interest annually.
However, they have to deposit at least 3 XTZ to qualify for the new Tezos staking service.
Crypto staking on WazirX
Following the exchange tweet, Tezos staking comes with zero fees and no lock-up crypto. This simply entails that interest traders and investors won’t be charged for participating in the staking service. More so, they can equally choose to withdraw their crypto anytime from the service. This ensures they still possess full control of their crypto assets.
Meanwhile, WazirX is not the first cryptocurrency company to roll out support for Tezos staking. The custody arm of the United States-based crypto exchange, Coinbase Custody, launched the same service for its customers last year.
Since its acquisition by Binance in 2019, WazirX has been introducing new services for users. The exchange is now considered one of the biggest exchanges in India.