Binance Cryptocurrency Exchange Adds Support for Tezos Staking

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Binance - the second-largest crypto exchange by daily trade volume - has announced support for Tezos staking, according to an announcement published on Dec. 3.

Binance said that users must hold at least 1 XTZ in order to qualify for staking rewards.

Binance's CEO Changpeng Zhao had hinted at the possibility of staking in September, when the exchange initially listed the coin with three trading pairs against Bitcoin, Tether and Binance Coin.

Other major exchanges have added Tezos staking rewards to their available offerings.

Staking, in general, refers to the practice of holding a cryptocurrency in a wallet to support a blockchain network's operations.

In addition to allowing holders to vote on blockchain operations, staking also generates periodic rewards for the holder staking their funds.

Tezos staking rewards come on the heels of the listing of four Russian ruble trading pairs on Dec. 2.

The first trading pairs featuring the ruble include Binance Coin, Bitcoin, Ether and XRP. In November, Binance launched support for the Turkish lira through its local digital wallet partner Papara and also became the first exchange to add the Fiat Gateway developed by stablecoin operator Paxos.

Apart from that, Binance partnered with crypto travel startup TravelByBit to launch a rewards card that facilitates cryptocurrency payments on major travel website.

The card will function like a traditional prepaid card with access to additional discounts and rewards that users will be able to load with Bitcoin, Binance USD, Binance Coin and Ontology.