Binance Staking Platform Launched for 8 Cryptocurrencies

| Updated
by Teuta Franjkovic · 3 min read
Binance Staking Platform Launched for 8 Cryptocurrencies
Photo: Binance / Twitter

Binance has launched its staking platform that enables users to earn dividends or interest on their digital assets just for depositing them on the platform.

Binance, one of the world’s leading cryptocurrency exchanges, on Thursday announced the launch its staking platform that will enable its users to earn cryptocurrencies for only depositing their funds on the platform.

As per the announcement, the new platform is a value-added service that provides its users with a way of “earning staking rewards without the need to set up any nodes or worry about minimum staking amounts, time lengths, or any other technical requirements.”

For a start, the Binance platform allows the staking of several cryptocurrencies including: NEO (NEO/GAS), Ontology (ONT/ONG), Vechain (VET/VTHO), Stellar (XLM), Komodo (KMD), Algorand (ALGO), Qtum (QTUM) and Stratis (STRAT).

Binance explains that through users of its new staking platform can currently earn gas rewards on three coins, while reward in other available altcoins would be paid out in the respective coin.

Users can stake NEO to earn GAS, Ontology (ONT) to earn ONG and VET to receive VTHO.

This company’s decision to launch a staking platform came pretty much suddenly given the fact that the exchange earlier launched the lending platform, and there are also other top crypto platforms rolling out the service.

The Malta-based exchange added it will update its staking calculation methodology on October 1. Binance is said to have hourly snapshots for clients accounts instead of just taking a single daily snapshot at a specific time. Those snapshots will be added to others for assets held within trading balances.

Binance isn’t the only one platform doing staking. In March of this year, as Coinspeaker has reported, Coinbase Custody introduced a staking service for Tezos (XTZ). Such a decision was taken in the context of huge interest from institutional investors who were open to the idea of earning interest on their crypto holdings.

CZ Zhao Hinted on Staking Tezos

However, even though it came as a surprise, we cannot say we haven’t been warned.

A few days ago Binance officially announced the listing of Tezos and launched three new trading pairs that are featuring Bitcoin (BTC), stablecoin Tether (USDT) and Binance’s native token Binance Coin (BNB).

That meant users could start depositing Tezos immediately on their accounts, and the trading was launched on September 24. After that had happened, Binance CEO Changpeng Zhao, constantly retweeted the news, asking the crypto community a question: “You know what comes next, right?” After a user on Twitter suggested that the move could mean Tezos staking, CZ didn’t want to answer but hit a happy emoji.

As per Binance blog, Tezos is a self-amending blockchain that is self-evolving and self-upgrading. Stakeholders can vote on amendments to the protocol, including amendments to the voting procedure itself.

Staking in Tezos is referred to as “baking”, while baking new blocks means creating new blocks on Tezos blockchain.

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