Today, the cryptocurrency trading platform, Kraken, announced that it will enable the support for Tezos cryptocurrency staking. According to the press release, the company will launch the service on December 13th.
Following the launch, all Tezos (XTZ) holders will be able to deposit their coins on Kraken and earn staking rewards. The annual ROI for any amount of XTZ staked is set at 6%. Kraken will deploy rewards every Monday and Thursday. Naturally, staked tokens will not be available for trading or withdrawal.
Kraken discloses that XTZ deposited on the exchange’s staking accounts is under their liability. However, the exception to that rule stands in the company’s Staking User Agreement.
Tezos cryptocurrency staking is the first of its kind on the platform. Regarding the new feature, Kraken states:
“Our goal is to make staking as accessible as possible, encouraging deeper participation in this vibrant, young democracy we call crypto.“
Coinbase also offers Tezos staking service on its trading platform. However, the company discloses only a 5% annual ROI.
Investors didn’t fail to reward the positives
In line with the latest price movement, Tezos continues to grow. Among the top 20 cryptocurrencies on CoinMarketCap, only XTZ recorded a more significant profit during the last few days with a daily rise of 8.44%. Tezos’ performance over the last month is also formidable as it is among the top 5 earners with 32.2% gain.
Regarding the market capitalization improvement of the coin, XTZ is a top dog in the market with the 31.8% monthly progress. Despite the fact that some cryptocurrencies gained more in terms of percentage, Tezos beats them all in the overall sum of the capitalization as its market cap grew by $246 million.
These results put Tezos in the 11th spot in the crypto market with the market capitalization of $1 billion and the coin worth $1.58.
Tezos’ chart looks quite bullish at the moment as the favorable market development fuels the rally. It will be interesting to see what can the Tezos development team do to retain the momentum.