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

In addition to storing XTZ using Huobi Wallet, Huobi 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.

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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