Following the listing of Tezos (XTZ) token on OKEx earlier this month, the world’s leading digital asset exchange and trading platform has now announced the launch of Tezos Baking (staking) Service on OKEx Pool (Get to Know OKEx Pool). By availing the staking service for the 21st leading cryptocurrency in the market, users can achieve annualized yields of up to 5.13% which is higher than any other similar service currently available in the cryptocurrency market.
The yields generated by OKEx Pool’s XTZ baking service will be settled in OKB. The settlement is carried out in a distributed fashion, directly to the users’ mining accounts on a daily basis. OKEx Pool has flexible staking periods listed for Tezos Baking Service with 30, 60 and 90 days, each offering 3.2%, 3.84% and 5.13% estimated annualized yield respectively. The lowest yield is carried by the flexible staking option at 2.56%.
Connecting the dots between the listing of Tezos and the launch of staking pool, Andy Cheung Head of Operations at OKEx said, “We have always been committed to driving the growth of the blockchain community and ecosystem. Per newly launched Tezos on our trading platform, we are excited to launch it to OKEx Pool as well.” He further stated, “OKEx Pool has been of our proud innovation that enables the integration of mining and trading services by directly transferring mining rewards to OKEx mining accounts and supporting different settlement modes. We will continue to adopt quality projects on the OKEx platform and keep on providing users with safe, stable and transparent digital assets mining services.”
The Staking process generally involves holding on to funds in a cryptocurrency wallet with the intention of supporting the operations of a particular blockchain network. By doing so, the participant will be eligible to receive a reward. The XTZ baking service is a similar program, where OKEx Pool users can support Tezos by staking XTZ and earn from it. According to the platform, in order to participate in the program, users will have to stake a minimum of 50 XTZ in their mining account. The yield calculation will start from the next day. The proportional settlement and distribution will start happening from day 2 onwards.
In addition to Tezos, users on OKEx Pool can also take part in mining and staking various other cryptocurrencies. Some of the popular cryptocurrencies supported by the pool includes BTC, BCH, LTC, ETH, ETC, DASH, DCR and ZEC. It also supports a variety of PoS networks.