Moonstake and Binarystar announced today a strategic collaboration with TZ Ventures to accelerate the industry adoption for staking within Tezos‘ ecosystem.
TZ Ventures incubates early-stage blockchain startups based on Tezos, providing support to projects and venturing into equity financing.
Moonstake is a blockchain company focused on crypto staking to build Asia’s Biggest Staking Network and to do so the team decided to partner with Tezos from South Korea.
Moonstake’s partner Binarystar will also support marketing efforts for this partnership, for example, by organizing events with local communities.
Recently, Moonstake also announced another partnership for improved staking with Infinito wallet. Instead, in August, it partnered with Ramp Defi and Ruby Capital to expand its range of products in the decentralized finance (DeFi) sector.
How does Tezos staking work with Moonstake
We can define Moonstake like a DeFi wallet, allowing users to manage different cryptocurrencies.
Moonstake products include web and mobile wallet – available for both Android and iOS – that provide all the staking functions and an all-in-one gateway for users to maximize the use of cryptocurrencies such as Cosmos, IRISnet, Ontology, Harmony, Cardano and QTUM.
Using Moonstake users will be able to use XTZ – the Tezos’ token – to earn rewards through its staking pool, staking their coins in the wallet. It just needs to have more than 1 XTZ. Rewards are automatically handed out based on the tokens held in the wallet, and there is no lockout period.
How to stake Tezos
Tezos is a blockchain with a Proof of Stake consensus, so users can stake their XTZ tokens to receive rewards, with or without the use of Moonstake, which only facilitates the process.
Users can stake XTZ using Binance, Coinbase or Kraken. It is also possible to stake this token using Ledger hardware wallets or Trust Wallet. According to the platform used, fees and rewards might change.