Binance Announces Tezos Support and Acquisition of Dapp Platform

Cryptocurrency

Binance, the world’s second-largest crypto exchange by daily volume, has announced that it will begin supporting Tezos (XTZ) staking and also announced its acquisition of Beijing-based DappReview, which offers data-driven research and advertising services to blockchain-based decentralized applications (dapps).

Beginning from tomorrow, December 4, Binance users will be able to trade with XTZ and will begin distributing XTZ staking rewards on January 20, and on the 20th of each month thereafter. The exchange said that it will not charge for the staking service, unlike rivals Coinbase and Gate.io, which charge 25% and 33%, respectively; however, users must hold at least 1 XTZ in order to qualify for staking rewards. Staking refers to the practice of holding a digital asset in a wallet to support a blockchain network’s operations. Tezos is currently trading at $1.30.

Binance has also announced that it has acquired DappReview, which will help the exchange further develop its range of exciting dapps and create new uses for blockchain technology. In return, Binance will support DappReview by offering marketing and business development services.

“By working with Binance X [the company’s developer network] and Launchpad, DappReview will bring in more talented Dapp developers and assist promising Dapp projects on fund-raising,” Vincent Niu, founder of DappReview, said of the deal. The dapp platform is expected to release a new range of products in Q1 2020.

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Interestingly, the acquisition gives Binance a new foothold in Beijing after its Shanghai office was shut down last month following reports of a police raid on the premises. Despite appearing to embrace blockchain technology, the Chinese government has been cracking down on cryptocurrency businesses in the country that are outside the remit of government control. Chinese authorities recently issued a notice to the public directing individuals to report businesses engaged in virtual asset trading to the country’s central bank, the People’s Bank of China.

Featured Image: DepositPhotos © Grey82

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