WazirX exchange has launched a staking function that allows users to store cryptocurrency on the exchange and earn income from it.
Initially, the exchange supports staking one token — TRON (TRX). WazirX is preparing to add a new token every week. Tezos and Harmony are scheduled to launch in 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 the staking, you must Deposit at least 500 TRX. Users can expect an annual return of 4% to 9%.
“We introduced staking to attract crypto enthusiasts to cryptocurrency and expand the ecosystem. In addition, falling interest rates in banks have created a demand for alternative ways to get interest on stored assets, ” Shetty said.
Last November, the exchange was acquired by https://traderce.com for an undisclosed amount. According to media reports, the transaction amount was in the range of $5-$10 million.
Recall that the major platforms WazirX, Unocoin and CoinDCX reported an increase in trading volumes after the lifting of the ban on servicing businesses working with cryptocurrencies.