Trust Wallet, the cryptocurrency wallet application that has been acquired by Binance, announced imminent support for Tezos (XTZ) and the implementation of staking functionality.
Since the acquisition, Trust Wallet has been Binance’s alternative for cryptocurrency custody services. It allows for the sending, receiving, and storing of digital assets.
With the growing popularity of Proof-of-Stake (PoS) blockchains, Trust Wallet is now integrating staking functionality for its users.
Staking is a participation mechanism for asset holders. In exchange for securing the network and validating transactions by staking their holdings, users have the chance to get awarded some of the block rewards.
With this announcement, Trust Wallet may be implying the possibility of implementing the staking functionality for any PoS-based cryptocurrency. Trust Wallet’s staking integration comes after Coinbase has already enabled staking for Tezos on its custody solution.
Furthermore, Trust Wallet will be enabling on-chain governance features for networks that have these — allowing users to manage their voting rights from a single wallet for multiple networks.
Interestingly, Trust Wallet is spearheading the integration with the Tezos project, even though there are several other projects with staking mechanisms.
Tezos is one of the leading proof-of-stake networks, currently sitting in the top 20 by market capitalization.
While the project had a rocky start in 2017, it has recently entered the spotlight and managed to double its price in a fortnight.
As the cryptocurrency was late to the party in 2018, it is available for trading on a handful of exchanges. With the implementation of the staking functionality for Tezos on Trust Wallet, this could also be a soft confirmation that Binance will soon be introducing XTZ for trading on its platform. While Trust Wallet has already added support for Tezos (XTZ), the staking functionality will be available in Q2 of 2019. What do you think of Trust Wallet’s announcement? Will you stake your Tezos coins on Trust Wallet? Let us know in the comments below!#Binance's official crypto wallet @TrustWalletApp announced support for @tezos $XTZ with staking set to launch in Q2. 👇👇https://t.co/ljT4824noU
— Binance (@binance) April 3, 2019
Image courtesy of Twitter, Shutterstock.
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Christian Gundiuc
After finishing his studies in International Business Administration at the Frankfurt School of Finance & Management, Christian started working at a real estate development company. Upon discovering Bitcoin and the cryptocurrency space, he switched his focus to learn, analyze and write about all things digital.
After finishing his studies in International Business Administration at the Frankfurt School of Finance & Management, Christian started working at a real estate development company. Upon discovering Bitcoin and the cryptocurrency space, he switched his focus to learn, analyze and write about all things digital.
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