June 18, 2024

Binance adds Tezos zero-commission staking support

Binance adds Tezos zero-commission staking support

The largest cryptocurrency exchange, Binance, has added support for Tezos Token Staking (XTZ) starting December 4.

INIn an official statement, Binance notes that it is notwill charge a fee for placing bets. There is no information yet whether the exchange service will remain free, since it charges a commission for staking other tokens. Just like Coinbase and Gate.io charge 25% and 33% respectively for their services at XTZ rates. Possibly zero commission, included in the user acquisition strategy. 

XTZ rewards after placement will be based on a daily rating and will be distributed monthly. The announcement said that the first distribution of funds will be completed by December 19, 2019.

In addition, in the following months, the distribution of XTZ rewards will be completed by the 20th of each month.

XTZ user balance snapshots will be taken on December 4, at 00:00 (UTC).

In order to qualify for a staking reward, each user must have a minimum of 1 XTZ. 

Coinbase also previously made XTZ stating available to all U.S. users. Coinbase initially offered the XTZ betting service only to institutional clients.