RATE Group | Kraken adds Tezos staking rewards, XTZ price surges 10 percent
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Kraken adds Tezos staking rewards, XTZ price surges 10 percent

12 Dec Kraken adds Tezos staking rewards, XTZ price surges 10 percent

Posted at 07:20h in Cryptocurrency News by

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San Francisco-based cryptocurrency exchange Kraken today announced that it will begin offering token staking services that will compensate crypto wallet holders with financial rewards. 

Tezos will be the first available cryptocurrency token to be staked from Friday, December 13, with a prospective 6% annual return. The exchange will earn a percentage of the block validation rewards. Kraken said its goal is to make staking more accessible in order to encourage more participation in cryptocurrency.

The move follows similar strategic decisions from competing crypto exchanges, such as Binance and Coinbase. Last month, Coinbase—the leading US-based exchange—likewise launched staking reward services on its platform, beginning with Tezos. The announcement seemingly caused the price of Tezos to rise by roughly 14 percent—followed by an additional 20 percent the next day.

The same pattern appears to be playing out again, as the price of Tezos today is up by more than 10 percent,…

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