As we watch Tezos hover around the 18-19 spot on CoinMarketCap, there is some news on the exchange front.
Gatecoin has announced that Tezos withdrawals and deposits are now open according to the most recent blog entry:
HONG KONG — 11 July 2018 — Tezos (XTZ) withdrawal and credit have been enabled. You can now trade XTZ with BTC, USD, and EUR.
The Tezos volume at Gatecoin is anemic, but will likely grow as a result of this announcement. This brings the number of exchanges trading Tezos, with full functionality, up to two. As previously noted, HitBTC has stated they will not allow deposits or withdrawals of Tezos IOUs before the Mainnet launch in September.
Unfortunately, for some U.S. residents, Gatecoin is off-limits depending on what state you reside in.
Gate.io, not to be confused with Gatecoin, has announced that Tezos holders who keep their tokens in their Gate.io wallet will be rewarded with tokens from baking:
gate.io will delegate most of the Tezos (XTZ) deposits for baking (mining) and return the income to the XTZ holders. We will choose a random time within every 1 to 2 months and take the XTZ balance snapshots. The baking income will be distributed to the XTZ holders based these snapshots. A long term XTZ holder on gate.io will get around 5% mining income every year.
Every exchange should take note of this and understand that Tezos is not simply a platform where exchanges can earn income from fees alone, they can also earn income from participating in baking. It makes perfect sense for exchanges to get in on the baking action since most of them will be sitting on high-value accounts filled with tokens that could be put to work. Since Tezos baking requires minimal computing power, anyone can easily participate and exchanges are no different.
This is a brand new revenue stream for exchanges and once they realize it, they will be more likely to list the XTZ token and get involved with the project.
These are exciting days for Tezos to watch the ecosystem grow each day.