Indian Cryptocurrency Exchange Launches Cryptocurrency Staking Platform

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Kataryna Kovtun August 10, 2020

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CoinDCX became the first major Indian cryptocurrency exchange to add support for cryptocurrency staking.

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CoinDCX currently supports the staking of three coins: Harmony (ONE), QTum (QTUM), and Tron (TRX). Sumit Gupta, co-founder, and CEO of CoinDCX said ONE, QTUM, and TRX have annualized returns of 8–10%, 6–10%, and 5–10%, respectively. The exchange does not charge staking fees.

The minimum balance to receive a reward for Harmony is 100 tokens (currently about $ 1), for Qtum — 1 token (~ $ 3), and for Tron — 5 tokens (~ $ 0.1).

Gupta noted that CoinDCX is offering staking rewards in partnership with Binance. This means that users will receive the rewards that CoinDCX receives from Binance. He added that CoinDCX will add more coins for staking in the future.

Other Indian cryptocurrency exchange with staking platform

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WazirX, a competitor to CoinDCX, is also working to launch its staking platform later this month. Founder and CEO of the exchange, Nishal Shetty, said WazirX will initially support Tron and EOS staking. Binance acquired WazirX last November.

In May, CoinDCX received a strategic investment of $ 2.5 million from Polychain Capital and Coinbase Ventures.

Today, cryptocurrency staking is supported by such large crypto exchanges as Binance, Bitfinex, Coinbase, and Kraken.

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