Tezos (XTZ) Sees Mild Price Increase After Binance Staking Support Announcement
Tezos had a decent surge of around 4% a few hours ago after the announcement from Binance about staking support. The digital asset went from a low of $1.243 up to $1.30 within 1 hour. The digital asset experienced some mild consolidation but it’s still currently trading at around $1.284.
The official Binance announcement, states that Binance will add support for Tezos staking starting from 2019/12/04. As usual, staking reward for XTZ will be calculated daily based on live snapshots but distributed monthly.
The first distribution of XTZ rewards will be done before 2020/01/20 and will be calculated using a formula that takes in count the amount of XTZ each user is holding. Users will be able to stake Tezos paying zero fees.
Although these are pretty good news for Tezos, especially for its market price, not everyone seems to agree. The official Twitter of the Atomic Wallet, a popular universal cryptocurrency wallet, stated that there is no point in staking on a centralized service.
According to the tweet, delegating XTZ to one huge baker is not healthy and can be risky for the users. This tweet could be viewed as a conflict of interest as the Atomic Wallet announced the support of XTZ staking not long ago.
A Long Streak of Good News for Tezos
The digital currency has been outperforming most of the major cryptocurrencies for the past month as it has been able to hold a pretty strong daily uptrend. Most of its strength comes from the amount of good news the XTZ community has received.
A month ago, Coinbase announced staking rewards for Tezos, a piece of news that made the digital asset surge by more than 60% in just 3 days. Shortly after, Tezos also received support for staking on the Atomic Wallet.
Tezos also got included in the OKEX Pool with a 5.13% annualized yield and has just gotten support from Binance. Clearly, XTZ is in a big streak of good news, something that is being reflected in the price of the digital asset.