WazirX, an India cryptocurrency exchange owned by Binance has announced the launch of staking services for Tezos (XTZ) on its platform.
WazirX, which is one of the most reliable digital exchanges in India with over 20 million users, has become the second crypto exchange in the country to provide support for in-app staking.
Tezos, for its part, is one of the major blockchain platforms in the industry with its native cryptocurrency ranked as the 15th most popular cryptocurrency by market cap.
With Tezos staking now live on WazirX, customers using the exchange can deposit XTZ and opt-in for staking to earn a passive income of 4-7% per annum. Per the announcement, WazirX users interested in the service are required to make a minimum deposit of 3 XTZ.
Additionally, the exchange noted that users will not pay any fee for the service and they will be able to make withdrawals at any time since there is no lock-up period.
Since its acquisition by Binance in 2019, WazirX has continued to integrate more features on its platform to improve users’ experience. The exchange recently added Binance Fiat Gateway as part of an auto-matching engine which has created room for users to buy Tether (USDT) straight from Binance, unlike the Indian rupee (INR), making it easy to trade any cryptocurrency on WazirX.
Moreover, in an effort to contribute significantly to the growth of its parent company Binance, WazirX raised $2million from an Initial Exchange Offering (IEO) in February within only 24 hours. The token sales saw investors buying up to 100,000,000 in WazirX token(WRX) using the Binance coin (BNB) at 0.00108401 BNB (appr. $0.02) per WRX token.
Meanwhile, WazirX said it hopes to roll out some more exciting announcements in the coming weeks.