Binance’s Trust Wallet Will Launch Staking Service With Tezos

The official digital currency wallet app Trust Wallet developed by Binance has recently added staking for cryptocurrencies. The development was first announced in a official crypto press release published on April 3 by Binance.

“Trust Wallet has been our crypto wallet app of choice for securely sending, receiving, storing, and using cryptocurrencies. Soon, you can also use Trust Wallet to stake crypto. Binance’s official crypto wallet app is preparing a new staking feature, which is set to launch by the end of the second quarter,” the announcement cites.

The staking feature is scheduled to be launched by Binance by the end of the second quarter of 2019. It will enable users to earn dividends or interest of the user’s investments for validating transactions – and allow them to vote on charges in the blockchain. Staking rewards, in this case, will be a byproduct of the proof-of-stake (PoS) consensus algorithm.
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Launching the staking feature, according to Binance, will purpotedly let Trust Wallet support proof-of-stake cryptocurrencies. On top of that, Trust wallet added support for Tezos (XTZ) and is planning to include support for staking in the Tezos on-chain governance mechanism.

In late March, Coinbase Custody, which offers storage facilities for institutional investors, announced that it is seeking to expand its suite of services to include staking of Tezos. Through its offline storage service, investors will be able to participate in networks such as Tezos using Coinbase as a regulated intermediary.

As we already reported, XTZ had been one of the strongest altcoins in the few days prior to March 30 and its price action has been backed by some fundamental events. As Binance expains it:

“Trust Wallet is the official crypto wallet app of Binance. Trust Wallet is a decentralized mobile wallet application with a clean interface and high level of security, designed to facilitate the adoption of cryptocurrencies for users with any level of knowledge of blockchain. Trust provides a secure wallet to send, receive and store digital assets, and its built-in decentralized app (dApp) browser can be used to communicate with dApps and trade crypto and collectibles directly from a smartphone or tablet. For more information, visit: https://trustwallet.com/“