Major cryptocurrency exchange Binance is set to roll out a zero fees Tezos (XTZ) staking starting December 4.
Malta-based Binance announced on Tuesday, December 3, that it will be adding support for Tezos at zero charges staking. On the other hand, Coinbase and Gate.io exchange platforms charge 25% and 33%, respectively, for their XTZ staking services. Staking is a new mode of earning crypto rewards. Customers don’t do much – they simply hold crypto in a cryptocurrency wallet to support the operations of a blockchain network. In return, users get rewarded using crypto.
According to the official announcement, the exchange will commence its support for the new program from Dec. 4, 2019. The firm will utilize live snapshots to calculate Tezos rewards everyday. It will then distribute the rewards every month. All distributions of rewards will be done by date 20 of each month.
“XTZ rewards will be calculated daily based on live snapshots and distributed monthly, with the first distribution to be completed before 2019/01/20. Distributions will be completed before the 20th day of each following month.”
Moreover, Binance’s CEO Changpeng Zhao had hinted earlier on the possibility of staking services back in September; when the firm first listed the coin; having three trading pairs against Bitcoin (BTC), Tether (USDT) and Binance Coin (BNB).
Binance Series of Additions
Also, the Tezos staking rewards have come just after Binance added Russian Ruble trading pair on Dec 2. The initial trading pairs having the ruble are Binance Coin (BNB), Bitcoin (BTC), Ether (ETH) and XRP.
Furthermore, Back in November, Binance added support for the Turkish lira; and became the first crypto exchange to add the Fiat Gateway. Additionally, Binance joined hands with crypto startup TravelByBit on rewards cards that allow cryptocurrency payments on travel website.
In conclusion, Binance launched support for NEO (NEO/GAS), Ontology (ONT/ONG), Vechain (VEN/VTHO), Stellar (XLM), Komodo (KMD), Algorand (ALGO), Qtum (QTUM), & Stratis (STRAT).