July 23, 2024
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CoinDCX Becomes First Indian Exchange To Offer Crypto Staking

In a major boost for cryptocurrency traders in India, CoinDCX has launched a new product on Friday. The Mumbai-based crypto exchange launched its new product on Friday, allowing its users to stake three cryptocurrencies: Harmony (ONE), Qtum (QTUM) and Tron (TRX).

The new platform will allow users with minimum balance of 100 ONE tokens, one QTUM token, and five TRON tokens to be eligible for crypto staking. For the uninitiated, staking is similar to buying government bonds in return for a fixed yield.

CoinDCX mentioned that it will have a pool of multiple customers as a way to increase their chances of receiving rewards.

“We want to make staking very simple for our users,” Neeraj Khandelwal, co-founder of CoinDCX said.

Further more, it has been understood that the exchange will aggregate staking rewards via partner exchanges such as Binance, and also stake natively on blockchains, according to the announcement.

The firm co-founder also mentioned that CoinDCX is the first firm to launch a staking product within India.

Meanwhile, WazirX exchange, based in Mumbai is planning to launch a staking offering later this month for platforms like Tron and EOS.