CoinDCX stands as an Indian cryptocurrency exchange based in Mumbai. On Friday, the exchange platform managed to launch a new product to its customers. This launch will see its customers being able to stake three cryptocurrencies: Qtum (QTUM), Harmony (ONE), and Tron (TRX)
Staking For Three Cryptocurrencies
It should be noted, however, that there are a few stipulations regarding the staking process. A user must stake a minimum of 1 QTUM, 100 ONE, or 5 TRX tokens in order to facilitate the staking service.
Staking works on the proof-of-staking validation system, as opposed to the more familiar proof-of-work mining. Proof-of-stake allows users leveraging to select blockchains to “invest” into the network itself, supporting its operations in return for newly minted coins, as opposed to pure computing power with crypto mining.
A good comparison to the matter is something akin to buying government bonds, which promise a fixed yield in income in return for the initial investment.
Pooling Stakes To Increase Rewards
CoinDCX will also pool the holdings of multiple customers. This comes in a bid from the exchange itself to increase the chances of these customers receiving the rewards, as opposed to some other possibly higher stake. This, in turn, will see the exchange itself get rewards, as well.
Neeraj Khandelwal stands as a co-founder of CoinDCX, and gave a statement about the matter at large. He explained that the exchange set out to make the staking process as simple as they can for the exchange’s user base.
Furthermore, CoinDCX will see its staking rewards aggregated with its partners, such as Binance. Alongside this, the staking process will be done natively on the blockchains themselves. This comes according to the public statement made about the matter.
India’s Crypto Industry At Pivotal Moment
With its staking launch, CoinDCX can be the proud owner of the title of the first-ever firm to launch a staking product within India. At least, this comes according to the statement made by Khandelwal.
One of the biggest rivals to CoinDCX is the WazirX exchange. WazirX’s founder and CEO, Nischal Shetty, gave a public statement about the matter, as well. He assured the press that WazirX is planning to launch its own staking offering, later this month. WazirX’s platform is said to incorporate TRX and EOS staking features.
Sumit Gupta stands as the CEO of CoinDCX, and went into detail regarding how much of a lure staking would be for India and its budding crypto market. However, with India making plans to ban crypto altogether, it will be an interesting event to witness unfold.