One of the top cryptocurrency exchanges in India, CoinDCX has announced to start offering cryptocurrency staking to its users giving them a chance to make money simply by holding their digital tokens. The new staking product launched by the Mumbai-based digital currency exchange will allow users to hold their digital currencies in wallets and earn returns as a result.
By launching the cryptocurrency staking product, CoinDCX becomes India’s first top cryptocurrency exchange to offer staking to users.
Three crypto assets supported for Staking
Initially, the CoinDCX exchange is supporting the staking of three digital assets which are Tron (TRX), Qtum (QTUM), and Harmony (ONE). However, users cannot earn staking rewards until they have a minimum balance in their wallets set by the exchange. Users should at least have 100 tokens of ONE coin, one token of QTUM, and five tokens of TRX.
If users do not have this specified limit of balance in their accounts, they will not be considered eligible for staking and rewards. According to the Co-Founder and CEO of the CoinDCX exchange Sumit Gupta, users can earn an annual staking return of 5-10% for TRX, 6-10% for QTUM, and 8-10% for ONE.
CoinDCX CEO, furthermore, says that users will not be charged with any kind of fee or commission by the cryptocurrency exchange on its staking service. CoinDCX has initially added staking support for only three digital assets but it said that it will include more cryptocurrencies in its staking product in the future.
CoinDCX offers staking through Binance
The major Indian cryptocurrency exchange has launched cryptocurrency staking through its partner Binance the largest cryptocurrency exchange in the world by market capitalization. Therefore, according to the announcement, CoinDCX will give staking rewards to users as soon as it will get rewards from the Binance exchange.
Apart from CoinDCX, another major cryptocurrency exchange in India WazirX is also planning on offering cryptocurrency staking to users. According to Nischal Shetty the exchange’s founder and CEO, WazirX is likely to launch the product at the end of this month with an aim to add EOS and Tron for staking.