The Indian cryptocurrency exchange WazirX has recently come up with a new feature- in-app staking for its crypto tribe which the platform admires the most for showing enthusiasm towards the new generation financial inclusion.
In an attempt to make India a crypto-loving community, WazirX has come up with the staking product in its latest endeavor to evolve the crypto enthusiasts into action and accelerate the adoption process of digital assets in the country.
In the latest announcement, the official website while mentioning the features of staking on the WazirX platform informed that people would be able to earn rewards very efficiently and a naïve is also capable of generating some passive income without knowing the crypto trading and worrying about the backend technicalities.
Meaning, crypto investors can stake their favorite staking tokens which the platform supports and earn rewards while supporting the community.
As per the information, “there are no fees on staking, so you can earn and enjoy your rewards” and the rewards would be distributed within the first 15 days of every month as per the staked.
Staking is a process in which a user holds or locks its crypto assets in a wallet or an exchange to support the security and operations of proof-of-stake (pos) blockchain network.
At the start, the company is allowing TRON (TRX) to stake. For staking TRON (TRX) users need to hold at least 500 TRX token on WazirX.
Reportedly, every week a new digital asset would be introduced in the kitty. Like, Harmony (ONE) and Tezos (XTZ) are also scheduled to launch in the next week.
Later there are likelihoods of adding support for Swipe (SXP), EOS, and Cosmos (ATOM).
Also, users can trade easily at any time while their staking digital assets would not be locked. However, the rewards would be adjusted and distributed as per the action taken.
The website notes: “Once your trade is executed, the amount of staked balance will change, and the corresponding rewards that you will earn from daily snapshots will change accordingly.”
The Binance-backed WazirX is the second crypto exchange that launched staking in India. The platform users can enjoy reward amount from 4% to 9% annually which is almost alike CoinDCX.
CoinDCX was the first Indian digital asset trading platform that introduced a staking feature during Aug 2020, enabling millions of users to earn interest while holding their cryptocurrencies on the platform. As of writing, the company allows staking for three crypto token- Harmony (ONE), (QTUM), and Tron (TRX) with annual returns of 8-10%, 6-10%, and 5-10% respectively.