The US subsidiary of Binance, the world’s largest cryptocurrency exchange by trading volume, on Tuesday launched a new staking platform, Binance.US Staking.
According to Binance Academy, staking is when validators of a blockchain lock up their coins so they can be randomly selected by the blockchain’s protocol at specific intervals to create a block of chains and get rewarded.
Binance.US explained that its new staking platform comes with a “auto-restake” feature and enables users to stake a selection of tokens.
“Multiple supported Proof-of-Stake cryptocurrencies are available immediately on Binance.US Staking, including Audius (AUDIO), Avalanche (AVAX), BNB, Cosmos (ATOM), Livepeer (LPT), Solana (SOL), and The Graph (GRT), with more supported tokens being added to the platform in the near future,” Binance said in a statement.
Through these tokens, the crypto exchange said, users can generate an annual percentage yield (APY) of up to 18%. It said this is the highest rate among US crypto firms.
“Binance.US Staking will also allow customers to automatically restake the rewards they receive on a weekly basis, ensuring a high APY through compounding. The dashboard and user experiences were designed to provide best in class solutions so users can more easily track their earned staking rewards,” the exchange further explained.
‘Doing More with Money’
Commenting on the development, Brian Shroder, President and CEO of Binance.US, explained that staking represents the first of many new innovations that empower consumers to do more with their money.
“We’re putting our seed round funding to work and keeping our promise to introduce new products and services that customers want,” Shroder added.
According to Binance, staking is one of the most popular ways for crypto holders to grow their funds without trading.
The exchange explained, “Independent staking can be a daunting process, especially in volatile markets, which is why Binance.US simplifies the staking process through a user-friendly interface, allowing customers to stake and auto-restake in only a few clicks.”
Meanwhile, Binance Labs, the venture capital and incubation arm of the cryptocurrency exchange, last Wednesday announced that it has raised $500m to fund cryptocurrency and third-generation web projects.
Binance is also said to be facing an investigation by the Securities and Exchange Commission (SEC) for possible violations of the United Securities markets…
