Vid Foundation opens staking

Vid Foundation, the company behind the social media app Vid which rewards users, unveiled its plans to allow more staking in its VI token.

Jag Singh, CEO and Co-Founder of Vid Foundation, said in a post that new stakers would be able to join Vid and stake their tokens.

Singh said that starting from September 1 and for the next three months Vid will open up staking for 14 million Vi. He stressed that existing stakers will not be affected by the move and that the APR will remain the same.

Vid will also be working on other improvements to its application including solving the problems that appeared in the VID app, marketing the app, making VI an in-app currency, launching influencer/creator verified accounts on Vid and releasing a whitepaper. Singh said the firm is also looking adding know-your-customer features for withdrawals on the app.

Singh said he hopes to have one million users for the Vid app in the next three months.

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