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Tezos holders will be able to stake their coins on the popular cryptocurrency exchange, Kraken, starting today. As a result, XTZ price has increased with over 12% in the last 24 hours, mirroring its movements when other exchanges announced Tezos staking on their platforms.
Kraken Adds Tezos Staking
The large U.S.-based cryptocurrency exchange, Kraken, has recently published an official statement regarding XTZ’s staking. Starting today users will be able to leverage their coins to safeguard the network and to receive rewards in return.
According to the announcement, Kraken is set to provide several benefits for the clients who decide to stake XTZ on the exchange. It says that users will not have to wait for lockup periods, as the payouts will be delivered every Monday and Thursday.
Moreover, the returns are some of the highest in the industry, with a fixed rate of 6%. If the customers decide to exit their staking position, they can do so by simply transferring the tokens out of the Staking wallet back to the Spot wallet on the exchange.
Tezos Staking Developments
Tezos has been one of the hottest topics within the cryptocurrency community as of late. It was compared to the second-largest digital asset by market cap and called “The new Ethereum.”
Cryptocurrency exchanges also appear quite fond of the project, as Kraken is not the first one to allow its users to stake XTZ. Binance recently announced that it will support zero-fee Tezos staking, meaning that any user having XTZ in his account will automatically receive staking rewards every day based on live snapshots.
The largest U.S.-based cryptocurrency exchange, Coinbase, also added Tezos to its portfolio of staking digital assets. According to that announcement, investors would receive an estimated annual return of around 5%.
When Binance and Coinbase broke the news regarding the staking of Tezos, the price of the asset increased by 8% and 70%, respectively. Similarly, XTZ is noting a surge today as well, with 13% against the dollar and 12% against Bitcoin.
Tezos is trading at $1.75 at the moment, and with a total market capitalization of over $1.1 billion, it has found a place among the top 10 currencies. As far as the technical side goes, if XTZ is to keep surging, it would have to break the next major resistance at $1.80. If it reverses, the first support lies at $1.54 and the second one at $1.44