Ethereum 2.0 is approaching the launch of its first phase, currently expected to come on December 1st, 2020. Meanwhile, Indian crypto exchange, CoinDCX, has already announced support for Ethereum staking, in anticipation of the ETH 2.0 launch. As such, it will be all set to start offering the new service as soon as it becomes available.
Crypto Exchange Makes ETH Staking Available to All
CoinDCX revealed that it is all set to introduce Ethereum staking to the global crypto community. The exchange’s officials revealed this only yesterday, November 10th.
Furthermore, the announcement noted that users will be able to use smart contract-based solution within the exchange to stake ETH with less than 32 coins, which is a necessary minimum that one needs to own in order to participate in staking.
Instead of that, users will now be able to stake an amount as low as 0.1 ETH, or as high as 1,000 ETH in a single transaction. The exchange’s representative noted that the platform’s solutions allow anyone to pool any amount.
1/ Thread on CoinDCX launching user-friendly staking on ETH 2.0. And how it is a step in the direction to grow the overall crypto ecosystem.
?? Users will be able to stake ETH on CoinDCX for as low as 0.1 ETH#TryCrypto #Ethereum
— CoinDCX: India's Largest Cryptocurrency Exchange (@CoinDCX) November 11, 2020
CoinDCX noted that the necessity to hold at least 32 ETH would prevent small-time investors from participating. Meanwhile, investing more than 32 ETH in a single transaction would not be the most effective way to participate for those who can afford it. Instead, the exchange would offer them all to participate with any amount larger than 0.1 ETH, and run multiple validator nodes simultaneously.
7/ CoinDCX will be among few global cryptocurrency exchanges to launch this offering soon for all global users to contribute to Ethereum ecosystem.
Ethereum staking will be live soon on @CoinDCX and more details will be shared on our social channels. Stay Tuned.
— CoinDCX: India's Largest Cryptocurrency Exchange (@CoinDCX) November 11, 2020
Ethereum Benefits from the Move, as Well
The exchange’s solution will roll out in two separate phases. The first phase will allow users to start staking their ETH as soon as next week, according to the platform’s representative. The second phase would then make the staked funds illiquid for a year, or longer. This phase is expected to go live only a few weeks after ETH staking goes live.
The move is also beneficial for Ethereum, itself. It will make it more accessible and increase its exposure. This will allow the project to collect a total of 524,288 ETH, which is necessary for launching Phase 0.
India is one of the fastest-growing crypto markets in the world, and it has already seen exceptional growth since the Supreme Court revoked the central bank’s ban on crypto. Now, the local crypto scene is taking the lead on the global stage.
