Binance launches a dedicated staking service
NEWS
September 27  |  2 min read

Binance Launches Staking Platform

The COIN360 Editorial Team

On Thursday, September 26, cryptocurrency exchange Binance launched its Staking Platform.

The platform will serve as an additional service for Binance users, who are now able to grow their funds by depositing and holding their assets on Binance and receive monthly rewards and distributions for doing so.

As stressed by the Binance team, users can deposit their cryptocurrency savings without having to set up nodes, meet any other technical requirements or bring in minimum staking amounts.

On October 1, Binance will update its staking calculation methodology in order to ensure a more accurate distribution of rewards. User balances are to be recorded on an hourly basis, and calculated as an average of 24 snapshots each day, instead of a single daily snapshot at a set time.

As of today, Binance supports the staking of the following crypto coins: NEO, ONT, VET, XLM, KMD, ALGO, QTUM, STRAT.

“Generally speaking, storage of cryptocurrency at crypto exchanges is considered to be risky, due to frequent hacks and so on. However, such well-known exchange as Binance with its quality firewalls and security is likely to be capable of managing its staking more or less neatly,” – said head of Coineal’s Russian Office Evgeny Egorov, in an exclusive comment.

Yesterday COIN360 reported that phase six of the Binance Lending platform went live at 06:00 UTC on September 25. One day earlier, Binance provided its users with yet another means of buying cryptocurrencies with fiat money. The integration of payment processing company Koinal made it possible to buy Bitcoin (BTC), Ether (ETH), Ripple (XRP), Bitcoin Cash (BCH), and Litecoin (LTC) with regular Mastercard and Visa debit/credit cards in supported countries.

On 24th of September Binance.US was launched with the following trading pairs available:

USD Pairs: BTC/USD, ETH/USD, XRP/USD, BCH/USD, LTC/USD, BNB/USD, and USDT/USD.
USDT Pairs: BTC/USDT, ETH/USDT, XRP/USDT, BCH/USDT, LTC/USDT, and BNB/USDT.