Connect with us

News

Binance extends support for TRX staking after removing BTT and WIN trading pairs

Biraajmaan Tamuly

Published

on

Source: Pixabay

Earlier today, Malta-based cryptocurrency exchange Binance revealed that it would be removing around 30 trading pairs. The exchange also removed two of the Tron Foundation’s tokens, BTT and WIN which were paired against BTC. Binance CEO Changpeng Zhao cited that reason behind this move was because of their low number which required users to trade twice to acquire their desired coin.

However, Binance’s latest tweet revealed that the exchange would give out BTT and WIN along with TRX for holding TRX on the exchange. The tweet read,

As per the exchange’s blog post, Binance would be extending support for Tron staking from 1 October 2019. The users will be required to hold at least 5 TRX in their Binance account in order to avail the staking rewards. Furthermore, staking distribution would be carried out by Binance by capturing hourly snapshots of TRX balances of the users at 12:00 AM [UTC]. The blog post read,

“TRX Staking distribution will be calculated as follows:
TRX generated by each user = Total TRX staking rewards received by Binance * User TRX holdings ratio.

User TRX holdings ratio = User TRX holdings / Total TRX staked by Binance.”

The distribution of these TRX rewards would be calculated daily but distributed monthly before the 10th of every month.

At the time of writing, TRX was seen rising by 4.20% in the past 24-hours while BTT and WIN were bleeding by 4.77% and 5.67%, respectively.

Biraajmaan is a full-time journalist at AMBCrypto covering the US market. A graduate in Automobile engineering, he writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.