Binance US announced a new staking platform with an expansive selection of tokens. The new staking function on the exchange can boost your revenue up to 18% annual percentage yield(APY). And what’s more, the auto-restake feature will resale the rewards daily for better returns on your holdings.
Binance US is the go-to exchange for Americans for their buying, selling, trading, and conversion needs. The popularity of the exchange is primarily on the low and affordable processing fees it asks for. As per the recent newsletter from the exchange, things will get even more exciting with the new staking platform.
Staking is one of the routine activities in the crypto ecosystem that helps holders earn from their holdings without trading them. Users need to put their holdings in a staking pool for earning rewards in exchange for providing the necessary liquidity for the platform.
However, looking for independent staking options can be difficult given it is a high-risk, high return option. And what is more, market volatility can be another factor that hinders independent staking options. To address this issue, Binance has introduced a new staking platform.
The platform will have a simplified infrastructure to offer a user-friendly experience while staking. Furthermore, it brings other handy options like auto-restake that allows staking the rewards every week. The pool can bring up to 18% APY for your tokens through compounding.
The Binance staking pool offers several PoS cryptocurrencies as of yet. It includes Avalanche (AVAX), Audius (AUDIO), Solana (SOL), BNB, Livepeer (LPT), Cosmos (ATOM), and The Graph (GRT). The exchange is also working on bringing more supported tokens shortly.
The pools will also offer a risk-free portal for your staking needs. Moreover, Binance believes that staking is one of the empowering use cases of cryptocurrencies. The new platform expects to leverage this thought and allow users to explore options with their money.
According to Brian Shroder, the President and CEO of Binance US, the exchange will put up a seed round for funding following the platform’s launch. It will help them introduce innovations in this emerging use case of cryptocurrencies. By directing an exclusive focus toward staking, Binance hopes to become the destination for all the staking needs of crypto in the US.