Binance has officially launched its own staking platform for crypto. It will allow users to earn cryptocurrencies for only depositing their funds on the platform.
Binance platform will allow the staking of several cryptocurrencies. It includes NEO (NEO/GAS), Ontology (ONT/ONG), Vechain (VET/VTHO), Stellar (XLM), Komodo (KMD), Algorand (ALGO), Qtum (QTUM) and Stratis (STRAT). The company will let users earn dividends or interest on their digital assets for validating transactions. Also, users can vote on changes in the blockchain. This thus means the company would reward the clients for just depositing and holding coins on Binance.
There will be no minimum staking amounts or time lengths for staking. Also, the users do not have to set up any nodes. Binance will take a snapshot of the network every hour to calculate a snapshot of each day from October 1. It is important to note that Binance will not charge any fee on any staking operations upon launch. Additionally, it will provide promotional rewards to incentivize users to stake on Binance.
This company’s decision of launching a staking platform for crypto follows after its addition of fiat-to-crypto over-the-counter(OTC) trading. Also, the company is rolling out some new services. The crypto giant is planning to introduce a new token airdrop based on the company’s acquisition of JEX. Moreover, Binance has launched the fifth batch of products to its lending platform as per the source.