Binance Launches Staking Platform With Support for 8 Altcoins
Binance recently announced the launch of its staking platform. Binance will allow users to earn rewards simply depositing and holding their funds at the exchange.
Staking is an essential part of maintaining proof-of-stake (PoS) networks and the process grants reward equivalent to their holdings on the blockchain network. These holdings essentially support the blockchain network operations.
Staking on Binance Made Easy
Binance, now allows the users to earn the rewards for simply depositing and holding assets on the exchange. The staking platform will guarantee a fair distribution of rewards by taking hourly snapshots for user balances on the respective staking blockchains. There will be 24 snapshots in a day.Binance is making it very easy for the users to stake, with no additional input from users and no minimum stake amounts. Rewards will be distributed at the end of every month, according to the tweet from the Binance CEO, Changpeng Zhao.
Staking service @Binance. You literally don't have to do anything. Your funds on Binance automatically participate. You can still trade as you normally would.— CZ Binance (@cz_binance) September 27, 2019
Keeping it simple!https://t.co/CR0Fqpde6d
According to Binance staking portal, Binance does not plan to charge any fees for staking.
As of now Binance staking will supports NEO (NEO holder will earn GAS), Ontology (ONT holder will earn ONG), Vechain (VEN holders will earn VTHO), Stellar (XLM), Komodo (KMD), Algorand (ALGO), Qtum (QTUM), & Stratis (STRAT) cryptocurrencies for staking purpose.
PC: Pablo, Pixabay
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