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Binance Launches Digital Asset Staking Platform

September 27, 2019
Dominic Mann


Binance Launches Digital Asset Staking Platform

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On Thursday 26th September, Binance announced their newest platform which allows users to stake their digital assets on. Currently, you can deposit the following coins to earn rewards:

  • Hold NEO to earn GAS
  • Hold ONT to earn ONG
  • Hold VET to earn VTHO
  • Stake XLM on Binance
  • Stake KMD on Binance
  • Stake ALGO on Binance
  • Stake QTUM on Binance
  • Stake STRAT on Binance

According to Binance, all users have to do is deposit these coins in order to start earning ‘without needing to set up any nodes, worry about minimum staking amounts, time lengths, or any other technical requirements.’

Binance states that in order to provide a more accurate distribution of rewards, they will be updating how the calculations work on 01/10/19 at midnight (UTC). In order to achieve this, user balances will be snapshot every hour for a total of twenty-four per day, instead of once per day at a specific time. This will provide the fairest distribution of rewards.

The users who already know about how the Binance staking framework is achieved do not have to worry as in principle this has not changed, it’s just a case of crediting coins to the main Binance exchange wallets and leaving them there.

Binance had the following to say on their website about why you should choose them:

“With staking on Binance, users can receive staking rewards all while just being a regular Binance user. For all users, this means more freedom & accessibility into staking participation for all chains, without giving up full liquidity. We believe that users should earn the full amount of rewards on their deposits. Upon launch, Binance will not be charging a fee on any staking operations. We will work to maximize the amount earned via staking while maintaining industry-leading security.”

What do you think of this new innovation by Binance? Will it be a success? Leave your comments below!