Leading cryptocurrency exchange Binance announced today the launch of its staking platform which lets users earn cryptocurrencies for merely depositing their funds on the platform.
The new platform according to Binance is a value-added service giving users a chance to “earn staking rewards without needing to set up any nodes, worry about minimum staking amounts, time lengths, or any other technical requirements.”
For a start, the exchange launched staking for eight different crypto assets with support for more expected to happen as soon as the platform takes off.
Assets You Can Stake on Binance
As per the announcement, Binance’s new staking platform currently allows users to earn gas rewards on three altcoins, while reward in other five listed altcoins would be paid out in the respective coin.
Users can stake:
- NEO to earn GAS
- Ontology (ONT) to earn ONG
- VET to receive VTHO
Other altcoins that will attract benefits for on Binance Staking includes
- Stellar (XLM)
- Komodo (KMD)
- Algorand (ALGO)
- Qtum (QTUM)
- Stratis (STRAT)
Crypto Staking Becoming a Norm
Arguably, Binance decision to launch a staking platform comes as a little surprise given the exchange’s earlier launch of a lending platform, and other top crypto platforms rolling out the service.
In a related development, Coinfomania reported in March that Coinbase Custody introduced a staking service for Tezos (XTZ), amid reported interest from institutional investors who are open to the idea of earning interest on their crypto holdings.