Indian cryptocurrency exchange CoinDCX has launched staking product, meaning its users can now earn returns for holding certain coins.
At launch, CoinDCX supports three coins: Harmony (ONE), QTum (QTUM), and Tron (TRX). Staking returns and commissions are unclear. The Block has reached out to CoinDCX and will update this story should we hear back.
Users will have to hold a minimum balance of these coins in their CoinDCX wallets to earn rewards. For Harmony, the minimum balance is 100 tokens (currently worth about ~ $1), for Qtum it is one coin (~$3), and for Tron (TRON) it is five coins (~$ 0.1).
CoinDCX said it would support more coins in the future. The staking product comes two months after the exchange’s $2.5 million funding round, which was backed by Coinbase Ventures, Polychain Capital and others.
Several cryptocurrency exchanges offer staking services, including Coinbase, Binance, Binance.US and Bitfinex. Venture firms and custodians also provide staking rewards, including Fenbushi Capital and BitGo, among others.
© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Indian crypto exchange CoinDCX launches staking rewards for three coins written by Yogita Khatri @ https://www.theblockcrypto.com/linked/74290/indian-crypto-exchange-coindcx-staking-rewards?utm_source=rss&utm_medium=rss August 7, 2020 Yogita Khatri