Binance’s official digital currency wallet app Trust Wallet has added staking for cryptocurrencies. The development was announced by Binance in a blog post published on April 3.
The staking feature — which is scheduled to be launched by Binance by the end of the second quarter of 2019 — enables users to earn dividends or interest on their investment for validating transactions and allows them to vote on changes in the blockchain. Staking rewards are a byproduct of the proof-of-stake (PoS) consensus algorithm.
Launching the staking feature will purportedly let Trust Wallet support proof-of-stake cryptocurrencies. Additionally, 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 provides storage facilities for institutional investors, revealed 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.
XTZ had been one of the strongest altcoins in the few days prior to March 30, as its price had been buoyed by some fundamental events. The community held voting on the protocol proposal that will decide the upgrade of Tezos, and the proposal is now entering an Exploration Vote Period.