Home Cryptocurrency Binance US now gives staking rewards for some cryptocurrencies

Binance US now gives staking rewards for some cryptocurrencies

Binance US has joined Kraken and Coinbase in giving staking rewards on PoS coins.

Cryptocurrencies algorand (ALGO) and cosmos (ATOM) are the only proof-of-stake (PoS) cryptos presently usable on Binance US, a California-based licensee of one of the world’s largest cryptocurrency exchanges.

It has also added staking prizes for them.

The exchange said returns will be given on a monthly basis, a statement said on Wednesday.

Binance US currently offers 28 cryptocurrencies on its outlet.

With US obedience laws remaining a top interest for the Binance offshoot, the company says it’s waiting for further regulatory clarity on Tezos.

Binance US allowing more staking

According to Binance US CEO Catherine Coley, the exchange intends to allow more staking rewards once more PoS assets are registered.

An expected return per coin was not comprised in the Binance US announcement. Tezos staking returns on both Kraken and Coinbase run at roughly 6 per cent, according to network figures.

An option to proof-of-work (PoW) mining, staking allows cryptocurrency holders to participate in the network by putting their coins in specialized public addresses.

Users combine holdings through disbursed network rewards for validating transactions while strengthening the network’s all-round security.

Notably, the exchange was founded in September 2019 to cater to United States citizens following Binance proper’s booting of US customers earlier that summer.

What staking is about?

Staking involves users maintaining funds in a cryptocurrency wallet to aid the processes of a blockchain network.

By doing this, they obtain a reward in that coin of choice, which in this case, is of ALGO and ATOM.

70 per cent of crypto users are concentrated on holding onto their assets rather than buying and selling them, therefore staking gives a suitable solution for holders to passively gain rewards by supporting the operation of different blockchain networks.

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