CoinDCX allies with Binance to start crypto staking platform

by in Cryptocurrency News


CoinDCX became the first major Indian cryptocurrency exchange will add support for cryptocurrency staking.

CoinDCX currently supports the staking of three coins: Harmony (ONE), QTum (QTUM), and Tron (TRX). Sumit Gupta, co-founder and CEO of CoinDCX, said that ONE, QTUM, and TRX had annualized returns of 8-10%, 6-10%, and 5-10%, respectively. The exchange does not charge staking fees.

The minimum balance to receive a reward for Harmony is 100 tokens (currently about $ 1), for Qtum - 1 token (~ $ 3), and for Tron - 5 tokens (~ $ 0.1).

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Gupta noted that CoinDCX is offering staking rewards in partnership with Binance. That means that users will receive the rewards that CoinDCX receives from Binance. He added that CoinDCX is going to add more coins for staking in the future.

WazirX, a competitor to CoinDCX, is also working on launching its staking platform later this month. Founder and CEO of the exchange, Nishal Shetty, said that WazirX is going to support Tron and EOS staking. Binance acquired WazirX last November.

In May, CoinDCX received a strategic investment of $ 2.5 million from Polychain Capital and Coinbase Ventures. Today, cryptocurrency staking is supported by such large crypto exchanges as Binance, Bitfinex, Coinbase, and Kraken.