Binance will allow users to stake with Tezos from their accounts, while the alliance with TravelbyBit will be for the launch of a crypto card.
The exchange that handles the largest volume of transactions in the world, Binance, announced today that it will have support for people interested in staking with the Tezos cryptocurrency (XTZ).
According to information published in the official Binance Blog, Tezos support will be available from December 4, indicating that the rewards will be calculated daily based on the amount of XTZ available and will be distributed monthly.
With this announcement, Binance joins Coinbase within the group of exchanges that offer users the possibility of staking with Tezos. However, the latter is only available to US-resident users, so people in other countries will not be able to participate in the earnings program until further notice.
Staking Tezos in Binance
The publication also indicates that the first distribution of earnings will take place before January 20, 2020, so that distribution will take place on the 20th of each month.
Therefore, the staking program is as follows:
- On December 4, Binance will take a screenshot of the XTZ funds housed in users’ portfolios.
- The amount of XTZ that the user will earn will depend on the rewards received by Binance based on the amount provided as collateral.
- Users must have at least 1 XTZ to participate in the staking system.
- The first calculation of rewards will take place on December 19 and will be distributed no later than January 20, 2020.
- The rest of the rewards will be distributed on the 20th of each month.
- Some analysts point out that Binance does not have as much interest in the profits derived from this activity, so its main objective would be to attract more users to make use of the platform.
For those who do not know, staking is the process by which funds are kept deposited in a crypto wallet, with the aim of supporting the operations of a Blockchain network.
More good news! Binance Alliance – TravelbyBit
Among other announcements, the exchange also reported on a new alliance with the company for booking TravelbyBit air tickets, with which they will jointly create a card with travel points backed by cryptocurrencies.
According to information published on the exchange blog, the new card will work as a prepaid debit card and can be recharged with Bitcoin (BTC), Ontology (ONT) Binance Coin (BNB) and Binance USD (BUSD). Those interested can use the card to buy air tickets and make hotel reservations through portals such as Booking.com, Expedia, Agoda, Ctrip and TravelbyBit.com.