Binance Launches a Dedicated Staking Platform for Eight Cryptocurrencies

October 2, 2019 / by Crypto.IQ

Top crypto exchange Binance has announced the launch of a staking platform that will allow users to earn monthly rewards just for depositing and holding funds.

According to the official announcement, this new platform is going to be available as a value-added service, giving users a chance to earn “staking rewards without the need to set up any nodes or worry about minimum staking amounts, time lengths, or any other technical requirements.”

At the initial stage, the Binance platform will allow the staking of the following eight cryptocurrencies: Neo (NEO), Vechain (VET), Ontology (ONT),  Stellar (XLM), Komodo (KMD), QTUM (QTUM), Algorand (ALGO), and Stratis (STRAT).

The crypto exchange explains that “Binancians” can get gas rewards on three altcoins, while rewards on the other listed coins would be received in that particular coin. User can hold VET to earn VTHO, NEO to earn GAS and Ontology (ONT) to get ONG.

Binance’s decision to unveil the staking platform came as a shock considering the fact that the company had earlier launched a cryptocurrency lending platform, and that other leading exchanges are already offering the service.

Binance also revealed plans to update its staking calculation methodology come as of October 1st. The exchange said that instead of taking a snapshot of clients’ accounts at a preset time, snapshots will now be taken every single hour in order to ensure better reward distribution.

The Malta-based exchange is, however, not the only platform allowing users to stake digital assets. Earlier this year, Coinbase Custody unveiled a staking service for the Tezos cryptocurrency.

Binance’s CEO Hinted at Staking Tezos 

Just recently, Binance listed Tezos on its platform and launched 3 new trading pairs featuring Bitcoin (BTC), Binance coin (BNB),  and stablecoin Tether (USDT), allowing users to deposit the cryptocurrency in their accounts.

The trading of Tezos did not commence on Binance until  September 24th, after which the company’s CEO Changpeng Zhao tweeted the news a couple of times, asking the cryptocurrency community if they know what comes next. And when a Twitter user said that the next move could be Tezos staking, Zhao only sent a happy emoji in reply.