Colossal cryptocurrency exchange, Binance has just announced new development for Tezos and Ravencoin to enhance more trading opportunities for their lovers.
Binance sprung up excitment in the two cryptos community by declaring support for Tezos (XTZ) staking and margin trading for Ravencoin.
This announcement of Tezos was published and shared on Binance official website and Twitter handle a few hours ago. According to the update, the exchange will add support for Tezos (XTZ) as from 4th December 2019.
XTZ rewards after staking will be based on daily estimation and it will be distributed monthly. The update related that the first distribution will be rounded off before 20th December 2019.
Also, in the subsequent months, the distribution of XTZ rewards will be completed before the 20th day of each month.
Order of Distribution of XTZ staking Reward
Binance exchange will be taking snapshots of users’ XTZ balance per hour starting from 4th December 2019, at 00:00 AM (UTC).
According to the report, the addition of all XTZ staking rewards by Binance multiplied by user XTZ holdings ratio will be equal to the Tezos (XTZ) generated by each user.
Meanwhile, the user’s XTZ holding ratio equals the user’s XTZ holdings divided by total XTZ staked by Binance.
In order to qualify for the staking rewards, each user must possess a minimum of 1 XTZ. The initial reward for the distribution of Tezos (XTZ) staking rewards would have been completely calculated not later than 19th December 2019. The same will be applicable in the following months as earlier mentioned.
Binance Adds Margin Trade for Ravencoin (RVN)
Ravencoin community has been blessed with the opportunity of margin trade on the largest cryptocurrency exchange Binance.
In an announcement, the Binance exchange’s margin trading platform declared the addition of new margin assets and new borrowable assets RVN.
According to the report, RVN/BTC and RVN/USDT are the new trading pairs added on the exchange’s margin trading platform.
Tezos (XTZ) Price Spikes Prior to Binance Announcement
The digital token Tezos (XTZ) that now occupies 15th position in the market spiked prior to the announcement made by Binance exchange regarding its move to add support for XTZ staking a few hours away.
At the time of filing this report, XTZ is trading at $1.28, with 5.44% price increase in the last 24 hours. Whereas, other cryptocurrencies especially the top 10, led by Bitcoin (BTC), have not experienced tangible growth lately.