KuCoin, the notable Hong Kong-based cryptocurrency exchange, has made headlines by sharing the news of the launching its IOTX Soft Staking Program.
The much-anticipated project plans to give substantial benefits to the users holding IoTeX (IOTX) cryptocurrency coins. KUCOIN has opened the doors to its staking project to all the users connected to its reputed network. As per the news, the Soft Staking Investment Strategy Service will mark its beginning on September 8, 2019 (UTC +8).
IOTX Soft Staking Official Rules – Cash Back Investment Program for IoTeX (IOTX) Holding
To maximize the benefits for users holding IoTeX (IOTX) on the platform, KuCoin has launched the IOTX Soft Staking Program.
Official Rules:https://t.co/57JI1TJSPR@iotex_io pic.twitter.com/hXcqeVgpRU
— KuCoin Updates (@KuCoinUpdates) September 5, 2019
Participation Rules For IOTX Soft Staking Program
- According to the participation rules of the Staking Program, all the IOTX asset owners shall be deemed to authorized KuCoin to put their IOTX coins to work on their behalf for the staking project.
- The profitable proportion of staking will be adjusted by KuCoin on each calendar day depending upon the total amount of the token value clubbed with the withdrawal data of the digital wallet on the respective exchange platform. The revenue will be based on the total amount held by the owners at 23:59:59 (UTC +8) in their wallets.
- The amount earned by the IOTX owners shall be distributed to them on a succeeding day. A person can check the profit amount at “My Bonus” option. However, the exchange has clearly announced that users will receive revenue only when the IOTX revenue amount will cross the value of 0.000001.
- KuCoin ensures maximum profits to its users with the help of the staking program without disturbing the IOTX token withdrawal records.
- The withdrawal of IOTX assets will be focused on the queue up format. The exchange is stringent towards queue jumping and illicit operations during the staking process.
- Also, KuCoin made it clear in its announcement that users might have to bear a short delay during the withdrawal of IOTX coins. But the platform ensures to put in its best efforts to facilitate timely and smooth operations for the clients.
- If a person, who is unwilling to be a part of the withdrawal process, finds himself/herself queued up the process, then he/she might exchange IOTX coins with other tokens and then withdraw the exchanged tokens.
KuCoin Keeps A Refusal Deadline for IOTX Owners
Following the refusal deadline of the IOTX Soft Staking Program, KuCoin requests the users who are not willing to be a part of the respective project to withdraw a portion of or all of his/her IOTX assets from their wallets before 00:00:00 on September 8, 2019 (UTC+8).
On the non-compliance of the Refusal Deadline, a person shall be deemed to have accepted to the requirements of the Staking Program, and after that, KuCoin can employ their IOTX assets on their behalf.
The Soft Staking program gives rights to the Court of the Republic of Seychelles to enforce its jurisdiction in any dispute surfacing in the project.
