Binance US launches staking service

Binance US has launched a new high-yield cryptocurrency staking service to compete with its US rivals.

The American arm of the global crypto exchange hopes to outdo other exchanges, such as Coinbase and Gemini.

Staking services are now available to Binance US users and holders of proof-of-stake cryptocurrencies such as Binance Coin (BNB), Solana (SOL), Avalanche (AVAX), the Graph (GRT), Cosmos (ATOM), Audius (AUDIO) and Livepeer (LPT). More options will follow in due course, according to the company’s Twitter account.

Proof-of-stake is a consensus mechanism used to validate cryptocurrency transactions. Typically, owners can stake their coins which in turn gives them the right to put them aside and add them to a blockchain at random.

Binance US promises 6.4% annualised returns on its native BNB token, offering an 18% annual percentage yield for staking for the decentralized live video streaming network, Livepeer. However, the company stated this could be subject to change according to “estimates that are calculated based on the average staking rewards accrued over the past 90 days”.

Binance US gives its users the option to stake and un-stake their coins charging a commission for “facilitating all technical staking requirements”.

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Source

Updated: 06/09/2022 — 15:00