Binance Exchange has announced the addition of Tezos (XTZ) to its staking feature on the Trust Wallet. Recently, Coinbase Custody, a subsidiary of Coinbase also enabled staking for institutional investors. The first crypto of choice for Coinbase Custody was Tezos.
The other cryptocurrencies which can be staked on the Binance’s Trust Wallet are VeChain, Callisto and TomoChain.
Binance sent a tweet on 3rd April, 2019.
#Binance‘s official crypto wallet @TrustWalletApp announced support for @tezos $XTZ with staking set to launch in Q2.
A Multi-Purpose Wallet
The Trust Wallet is one of the most advanced cryptocurrency wallets with a plethora of features. Trust Wallet will be the core Wallet of the Binance DEX. It also has a built-in Dapps (Decentralized Applications) Web3 browser can be used to access Dapps.
Staking or forging is essentially purchasing voting or validating rights on the network. The cryptocurrencies are stored as custody for authentically authenticating the transactions on the system. In return, the forgers or nodes on the network are rewarded with the newly generated currencies after the confirmation or formation of a block.
Tezos (XTZ) Price to get another Push?
Tezos (XTZ) was trading 50% higher since the beginning of the year after Coinbase Custody announced the addition of Tezos along with the staking of the dPoS (Delegated Proof of System) token as well.
According to the update,
In addition, the crypto wallet app is preparing for the addition of native support for staking in the Tezos on-chain governance mechanism.
However, Tezos (XTZ) had maintained stability in terms of USD in the past two days when the majority of the cryptocurrencies showed a massive rise. The price of Tezos at 16: 00 hours UTC on 3rd March 2019 was trading at $1.01. Tezos is currently ranked 20th on Coinmarketcap w.r.t total market capitalization of cryptocurrencies.
Moreover, increased staking without the adequate volume of transactions on the network would hurt the price of the cryptocurrency as well. Nevertheless, the cryptocurrency markets seem to have turned towards the bullish side. Hence, staking the coins might yield the easiest and the most profitable long term investment on an asset.
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Nivesh from Engineering Background is a full-time Crypto Journalist at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com