Binance, the largest crypto exchange by market volume, has released its official statement yesterday about its staking. The most important and interesting thing for users is that one is automatically participating in this staking while holding digital assets on the platform.
The CEO and co-founder of Binance Changpeng Zhao tweeted to inform the crypto community.
Staking service @Binance. You literally don't have to do anything. Your funds on Binance automatically participate. You can still trade as you normally would.
Keeping it simple!https://t.co/CR0Fqpde6d
— CZ Binance (@cz_binance) September 27, 2019
Earn without any Effort
Binance has overlooked his competitors in providing a golden opportunity for crypto fans to earn cryptocurrency without doing any task or procedure. You can hold, trade, send and receive tokens and there is no limitation or lock-up system.
Unlike other exchanges, Binance takes staking in another sense as “the process of holding funds in a cryptocurrency wallet to support the operations of a blockchain network.”
However, it was not the first big news on the part of the platform but they were giving this facility for various cryptocurrencies in the past but all supporting details and general queries have been unveiled in the recent statement.
Users will not have to sign up for the staking rewards such as establishing nodes or making technical requirements.
Users will earn staking rewards without needing to set up any nodes, worry about minimum staking amounts, time lengths, or any other technical requirements.
The Following Cryptocurrencies will be Available
The cryptocurrencies which will be available for staking rewards include Stellar Lumen (XLM), NEO, Qtum (QTUM), Ontology (ONT), Algorand (ALGO), Stratis (STRAT), Komodo (KMD) and Vechain (VET).
Binance has revised its strategy for the distribution of rewards and add necessary improvements where needed. The practical shape of it is going to take place on 1 October 2019 at 0.00 UTC. According to this, the snapshots of customers’ balance will be taken on an hourly basis instead of taking snapshots daily for specified digital assets at 00.00 UTC.
It is also reported to Tokenhell that Coinbase is also going to distribute staking rewards on 29 March but only for Tezos (XTZ). But keep in mind that it is only available for those customers who are clients of Coinbase and enterprise investors will enjoy this service.