India-Based Exchange CoinDCX Announces Staking Service for Ethereum Ahead of ETH 2.0 Launch

Prominent cryptocurrency exchange CoinDCX has announced the staking service for Ethereum, the second-largest cryptocurrency by volume. The news on the part of the exchange comes before the official launch of Ethereum 2.0.

According to CoinDCX, one of the largest cryptocurrency exchanges in India, the users can stake as low as 0.1 ETH.

Minimum Limit: 0.1 ETH

According to the company behind the world’s second-largest blockchain, the first phase of the ETH 2.0 will be launched on Dec.1. Per the officials’ statement, the staking option will be active by the launch of the first phase. CoinDCX’s executives make it clear that people can stake with “less than 32 Ether.” Co-founder Neeraj Khandelwal the newly-launched contract will allow staking from 0.1 ETH from 1,000 ETH in one transaction. According to the exchange’s announcement:

“ETH 2.0 requires users to hold 32 ETH in order to create validators and participate in staking. This would prevent small time investors from participating in staking.”

In the case a user has a plan for more than 32 ETH then it will require to “run multiple validator nodes, adding on to the complexity.”

Two Phases of CoinDCX’s Staking

The staking facility will go live in two phases, CoinDCX claims. The first phase will be active by the next week, and the second phase will roll out after the launch of the update, ETH 2.0. The exchange planned to offer a new feature after the deployment of the deposit contract by the Ethereum Foundation on Nov.4.

The exchange’s initiative will be a significant addition to a total of 524,288 ETH that is needed to launch the 0 phase of Ethereum 2.0. CoinDCX has seen significant growth over the last few months due to the rising trend of cryptocurrency in the region. In March, the Supreme Court of India removed the ban over cryptocurrency that was put by the central bank of India. After the ban removal, all of the crypto exchanges witnessed an exponential increase in the user base and trading volume.

CoinDCX has already made its name in the staking world as it is offering staking service for many cryptocurrencies.

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