CoinDCX Becomes The First Indian Crypto Exchange To Launch Token Staking Services

Indian cryptocurrency exchange, CoinDCX, becomes the first in the country to launch simple staking services for its users. First reported on Coindesk, the staking service will launch with three tokens Tron (TRX), Harmony (ONE), and Qtum (QTUM).

Speaking on the latest developments, CoinDCX CEO, Sumit Gupta, confirmed the staking service would not carry fees or hidden charges. The Mumbai based digital asset exchange is built to promote retail staking with low minimum balances required to stake. A minimum of 100 ONE (~$1), one QTUM (~$3), and five TRX tokens (~$0.1) is required with an annual return of 8-10%, 6-10%, and 5-10% respectively.

Gupta further said the exchange would pool the staking deposits from customers in a bid to increase their staking rewards while simplifying the staking process. Additionally, CoinDCX will also measure the optimal reward system by offering staking rewards through their partner exchange, Binance, or directly on the blockchain.

The exchange has raised over $5 million in 2020 in a bid to expand its products and market base. In March, following the landmark Indian Supreme Court ruling against the crypto ban, CoinDCX raised a $3 million Series A funding round from BitMEX and Bain Capital. The exchange further extended its raise by $2.5 million, led by Coinbase Ventures and Polychain Capital, to increase the company's market share and encourage crypto adoption in India.

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Lujan Odera
Lujan Odera
Lujan is a blockchain technology and cryptocurrency author and editor. He has worked in the field of cryptocurrencies and blockchain technology since 2015 helping him gain enough experience to be the writer he is today. He is known for his simple writing style that allows novices to understand the field in the simplest way.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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