Binance has launched a Staking Platform consisting of Eight Altcoins
The world’s one of the largest crypto exchange Binance has launched a staking platform that will involve only eight cryptocurrencies.
Crypto users now have the opportunity to get the monthly rewards from the exchange simply by holding and depositing their money and funds.
Binance exchange is well known for giving such type of facilities to the users and now it has come up with this new step of staking platform.
The crypto exchange in the announcement says that this service of the exchange will provide users an opportunity 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.
Eight Crypto assets available on Staking Platform
The staking platform of the Binance exchange involves the staking of only eight cryptocurrencies. These include:
- Neo (NEO)
- Vechain (VET)
- Ontology (ONT)
- Stellar (XLM)
- Komodo (KMD)
- QTUM (QTUM)
- Algorand (ALGO)
- Stratis (STRAT)
Apart from this the crypto exchange also tells the crypto users that they can get the gas rewards only for the three altcoins; GAS for holding NEO coin, VTHO for VET coin holders, ONG for ONT coin. The users will get the rewards for other listed coins in the form of that particular coin they hold and deposit.
Staking Calculation Methodology
The top crypto exchange has decided to improve and update the system and methodology of staking calculation. With this new update, the snapshot of users’ accounts will be taken every hour for the sake of better reward distribution.
Binance exchange has added Tezos recently on the platform with three trading pairs BTC, BNB, and USDT. The users can now deposit this asset on the platform.
The CEO of the Binance exchange Changpeng Zhao had already given the hint of Tezos staking in his tweet when he asked the crypto community about the next update of Binance exchange and on of the users guessed it by saying that it will be Tezos staking. The CEO responded simply with a happy emoji.
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