The Binance-backed Indian cryptocurrency exchange WazirX has launched a new in-app staking feature on Sept. 1 that will allow its users to stake cryptocurrencies to earn interests.
Staking is the process of holding cryptocurrencies in a wallet to support the operations of a proof-of-stake blockchain network in return for rewards in the form of new tokens.
Kicking off the launch with support for just TRON (TRX), WazirX is gearing up to add one new token for staking every week, according to an announcement. Tezos (XTZ) and Harmony (ONE) are two other tokens scheduled for launch in the next two weeks.
According to the CEO, the most difficult aspect to introducing staking was understanding the fast-evolving DeFi ecosystem and the required security measures to ensure users’ safety. He added that being a part of Binance helped them better understand the security risks of DeFi.