Binance US Begins Offering Staking Rewards

More good news for U.S. based customers of Binance: you have more investment options. This time you get to stake your altcoin bags for additional altcoin bags. The current additions to staking are the two cryptocurrencies: Algorand (ALGO) and Cosmos (ATOM).

Date: 
January 31, 2020
Read time: 
2 minutes

Binance US Begins Offering Staking Rewards

Date: 
January 31, 2020
Read time: 
2 minutes

More good news for U.S. based customers of Binance: you have more investment options. This time you get to stake your altcoin bags for additional altcoin bags. The current additions to staking are the two cryptocurrencies: Algorand (ALGO) and Cosmos (ATOM).

More good news for U.S. based customers of Binance: you have more investment options. This time you get to stake your altcoin bags for additional altcoin bags. The current additions to staking are the two cryptocurrencies: Algorand (ALGO) and Cosmos (ATOM).

All this news means that Binance US is stepping up their competition against other major exchanges such as Kraken and Coinbase -- both of which also offer staking rewards on certain cryptocurrencies.

As we know, Binance US was launched late last year around September 2019. The main Binance branch led by “CZ” Zhao could not keep operating in the U.S. due to regulatory issues -- so they launched a U.S. specific branch. 

Binance US currently offers 28 cryptocurrencies for U.S. based traders. They plan to list more, naturally but need to wait for the rigorous process of passing each one through U.S. compliance laws. Currently, they’re waiting for regulatory clarity on Tezos. This will be yet another Proof of Stake (PoS) coin that -- according to Binance US CEO Catherine Coley -- will offer another staking rewards system. 

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As a quick recap, PoS is the go-to alternative to proof-of-work (PoW) mining. Both forms of “proof” strive to motivate cryptocurrency holders to participate in the network. Miners run machines solving problems using electricity, while PoS systems ask people to deposit/stake their coins in specialized public addresses that then act as ways of securing the network. Both forms strengthen the cryptocurrency network’s overall security.

Staking for ATOM, ALGO, and other cryptocurrencies offering staking rewards will start on February 1st and will be paid out every month. 

All this news means that Binance US is stepping up their competition against other major exchanges such as Kraken and Coinbase -- both of which also offer staking rewards on certain cryptocurrencies. Granted, Kraken and Coinbase only offer staking rewards on Tezos (XTZ) -- but as soon as Binance U.S. finishes their own Tezos compliance then they will quickly outpace the value of Kraken and Coinbase. 

Kraken and Coinbase both offer a 6% return for staking Tezos. Binance U.S. has not announced how much they will give for staking -- but it should be the same. Stay tuned to find out!

Posted by R.R. Hauxley

R.R. Hauxley traveled around the world ... 1 year on 1 Bitcoin. 20 countries, 12 months, 1 Bitcoin. He wrote a book about it: Stolen Wallets and Where to Buy Them. Along the way he met and interviewed the sharpest, brightest minds in crypto today: Vitalik Buterin, Charlie Lee, and more. Today Rafael educates the crypto curious and delves further into the incredible world of blockchain.

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