By
Temitope Olatunji
April 19th, 2024
To start with, Binance.US customers will be able to stake seven proof-of-stake tokens, including Binance Coin (BNB), Solana (SOL), and Avalanche (AVAX).
Binance.US has unveiled its new staking platform that’ll allow users of the platform to earn yields by staking their cryptocurrency assets. The new offering will allow Binance.US to compete against rivals Coinbase and Gemini in terms of competitive returns and usability.
Users will be able to participate in the staking platform either through the website or the app. Through either platform, users will be able to lock their assets for some time to support the proof-of-stake networks on which they run. Users will also be able to track their earned rewards easily through those platforms.
After staking, Binance.US customers can withdraw their tokens at any time. However, the exchange will charge some fees for facilitating the transaction. Users who want to re-stake their rewards will benefit from the platform’s automated re-staking feature and compound their yield. Consequently, the users can earn as much as an 18% Annual Percentage Yield (APY), depending on the token.
Binance.US: Tokens, Yields and Crypto Staking
Crypto staking allows users to lock in assets to support proof-of-stake (PoS) networks. To start with, Binance.US customers will be able to stake seven proof-of-stake tokens, including Binance Coin (BNB), Solana (SOL), and Avalanche (AVAX). Also, Cosmos (ATOM), The Graph (GRT), Livepeer (LPT), and Audius (AUDIO) are acceptable tokens. According to Binance, there are plans to add more tokens in the future.
Binance.US CEO Brian Shroder noted that staking Cosmos’ ATOM token will generate 12.2% APY. Also, the company promises 6.4% APY on its native BNB token, while the Livepeer token could yield as much as 18% APY.
Shroder believes that the company’s product compares favorably against that of rival companies like Kraken, BlockFi, Coinbase, and Gemini. “We wanted to put out a product that would unquestionably be the best staking platform in the United States by the end of the year,” Shroder said.
Beyond this, Binance.US has been hiring some of the employees laid off by Coinbase and Gemini, even as it looks to increase its employee base. Despite the downturn in the cryptocurrency industry, the firm also expects to pursue multiple acquisitions.