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Huobi Wallet Announces It’ll Be a Tezos (XTZ) Baker

The multi-currency wallet offered by cryptocurrency exchange Huobi, Huobi Wallet, has announced that it will soon provide support for staking or ‘baking’ Tezos (XTZ).

Huobi Wallet Will Support XTZ Baking

In addition to storing XTZ using Huobi Wallet, users will also be able to generate a passive income on Tezos holdings held with Huobi Wallet, with the company also announcing that it will support XTZ “baking.” Tezos uses delegated proof-of-stake consensus, with the term ‘baking’ used to describe the process of signing and appending a block of transactions to the Tezos blockchain.

Huobi Wallet currently offers support for 13 cryptocurrencies (BTC, TRX, XRP, EOS, ETH, LTC, ADA, ATOM, ONT, BCH, BSV, ETC, IOST), eight stablecoins (USDT, TUSD, USDC, GUSD, PAX, EURT, DAI, and EURS), and ERC20, EOS, and TRON TRC10&20 tokens. Additionally, Huobi Wallet supports decentralized applications hosted on ETH, EOS, TRON, and ONT.

Coinbase Pro Announces Support for Tezos

Tezos has frequented cryptocurrency headlines in recent weeks, with Coinbase Pro announcing on July 31 that XTZ pairings will launch on the platform during the first week of August 2019.

According to a blog post, Coinbase Pro will begin accepting inbound XTZ deposits on August 5, with deposits accepted “for at least 12 hours prior to enabling full trading.” The exchange will commence trading for both the XTZ/USD and XTZ/BTC pairings “in phases” – starting with a “post-only mode” for at least one minute once “sufficient supply of XTZ is established on the platform,” before processing limit-orders only for a minimum of ten minutes.

Once Coinbase’s “metrics for a healthy market [are] met,” the exchange will enable full trading in all supported jurisdictions except for New York State.

The news was a catalyst for XTZ to post the strongest gains among the top 20 cryptocurrencies by capitalization on the same day after rallying approximately 20% in just two hours. Tezos is currently the 16th-ranked cryptocurrency by market cap with a capitalization of nearly $829 million, and is trading at roughly $1.26.

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Written by Ravi Gupat

Ravi grew up in India and graduated in Economics. He is a serial entrepreneur who has founded and exited several companies in tech and media over the past 15 years. He is also an early stage investor and advisor in various blockchain-based companies.

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