Bitcoin

Indian Crypto Exchange Offers ETH Use Before Ethereum 2.0 Launch

CoinDCX, one of the largest cryptocurrency exchanges in India, is preparing its platform to support the staking out of ETH 2.0 before the launch of Ethereum 2.0.

As expected The first phase of Ethereum 2.0 arrives on December 1st. CoinDCX is now “ready” In order to present the ETH 2.0 participation to the global crypto community, the executives of the exchange announced on November 10th.

According to the announcement, With CoinDCX’s intelligent contract-based solution, users can deploy ETH with less than 32 ethers (ETH), the minimum amount required to participate in the deployment of ETH 2.0. A CoinDCX spokesman told Cointelegraph that The contract allows users to bet the ETH from 0.1 ETH up to 1,000 ETH in a single transaction.

Indian Crypto Exchange Offers ETH Use Before Ethereum 2.0 Launch
Indian Crypto Exchange Offers ETH Use Before Ethereum 2.0 Launch

The representative emphasized this CoinDCX’s solution allows users to group any amount in a single transaction. Display:

“For ETH 2.0, users must have 32 ETH to create validators and take part in the deployment. This would prevent retail investors from participating. If a user wants to invest more than 32 ETH, it is more efficient to run multiple validation nodes, which adds complexity. “

The new stakeout option will be available for CoinDCX in two phases. As part of the first phase CoinDCX users can start betting their ETH on the platform “next week”. said a CoinDCX representative. That’s planned The second phase, in which the funds used are expected to become illiquid for at least a year, will be put into operation a few weeks after the start of ETH 2.0. added the spokesman.

The announcement by CoinDCX to support ETH2 stakeout comes shortly afterwards The Ethereum Foundation will finally implement the deposit agreement for ETH 2.0 on November 4th. The start of the contract paved the way for Ethereum to become ETH 2.0, as potential stakeholders were able to pay 32 ethers into the contract to prepare for the start.

The step of the exchange to support the use at the ETH 2.0 should obviously take place Bring significant exposure necessary to amass a total of 524,288 ETH to kick off Phase 0 of Ethereum 2.0. As one of the largest cryptocurrency exchanges in India CoinDCX focuses on one of the fastest and fastest growing cryptocurrency markets in the world. As previously reported, India has seen tremendous growth in the crypto industry since then The Supreme Court of India lifted a two-year ban on banks serving cryptocurrency exchanges in March 2020.

CoinDCX has already offered some stakeout services on its platform. In August 2020, CoinDCX presented its service, Introduction of the use of altcoins such as Harmony (ONE) and QTum (QTUM).

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