Binance-owned Indian bitcoin exchange launches staking feature

The Indian cryptocurrency exchange WazirX has launched a staking feature that allows users to hold cryptocurrency on the exchange and earn income from it.

⚡️ Staking on #WazirX ⚡️

Deposit/Buy your favorite tokens to start staking & earning rewards!

👉 ZERO fee
👉 No lock-up period
👉 Stake here: https://t.co/5tySGnJdI6@Tronfoundation staking starts today! Next: @tezos & @harmonyprotocol

More info 👇https://t.co/18mcsYKk6L

— WazirX (@WazirXIndia) September 1, 2020

Initially the exchange supports staking with a single token—TRON (TRX). WazirX plans to add a new token each week. Tezos and Harmony are slated to launch over the next two weeks.

In the future, the exchange will add support for Swipe, EOS and Cosmos, said WazirX CEO Nishal Shetty.

To participate in staking you need to deposit a minimum of 500 TRX. Users can expect an annual return of between 4% and 9%.

“We introduced staking to attract crypto enthusiasts to cryptocurrency and to expand the ecosystem. In addition, declining interest rates in banks have driven demand for alternative ways to earn interest on stored assets,” said Nishal Shetty.

In November last year the exchange was acquired by Binance for an undisclosed sum. Media reports put the value of the deal at between $5 million and $10 million.

Indian platforms WazirX, Unocoin and CoinDCX reported higher trading volumes after the ban on servicing crypto-related businesses was lifted.

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