The cryptocurrency exchange and crypto-financial services provider VELIC announced today that it’s launching its “ICX Staking” reward service.
According to Korea Blockchain News, the service will launch this month in step with September’s ICON P-Rep election.
ICONists will select 22 P-Reps and 78 Sub P-Reps in next month’s election. VELIC’s service would automatically provide staking rewards to qualified ICX holders, paying interest to users in proportion to their ICX assets.
Unlike other staking services, however, VELIC’s weds staking to VELIC’s unique “Savings” concept, allowing exchange members to freely make transactions and deposit and withdraw funds with no restriction on deposit time, akin to existing financial free-deposit products.
“Our mission is to make it as easy and convenient as possible to stake ICX,” says VELIC’s director of business development Yoon Kim. “VELIC customers who have ICX will be able to apply for the reward service with the click of a button.”
Prior to launching their staking service, VELIC plans to unveil its ICX-based “ICX Market,” which it hopes will contribute to activating a full-scale ICON DApp ecosystem.
VELIC will also unveil several loan products that are tailored to investor preferences and guarantee the lowest commissions in the industry. In June, VELIC launched a loan service allowing users to put up cryptocurrency as collateral.
The exchange recently concluded an MOU with ICON to provide turnkey solutions to issuing, selling and listing the tokens of DApps that use ICON’s mainnet. It’s also running as a P-Rep candidate.