Binance to Discontinue Stellar (XLM) Staking

The world’s leading cryptocurrency exchange by trade volume, Binance has today announced that it would no longer provide support for Stellar (XLM) staking. 

According to the announcement, the move is coming after Stellar upgraded its protocol to version 12 and subsequently discontinued its inflation program in the new version, which led Binance to stop the XLM staking.  

Notably, Binance is only dropping support for XLM from its staking program, but as at press time, XLM trading is working fine and will continue to trade on the exchange.

Binance assured users of getting rewards earned from stakes on the XLM token up until the time of the upgrade, which was carried out yesterday by 4:00 pm (UTC).

In addition, users will also receive this month’s earnings for stakes on XLM, which will be paid from November 1 to November 5, after which users will no longer be able to receive any rewards for the token.    

As reported on Coinfomania last month, Binance launched its staking program, to enable users to earn cryptocurrencies by depositing, staking and locking their funds on the platform. 

At the time of the launch, Binance added support for only eight crypto assets. As the exchange’s staking program grew bigger, Binance subsequently added four more crypto assets, hence bringing the total of supported cryptocurrencies on the staking to 12, including NEO, ONT, VEN, KMD, ALGO, QTUM, STRAT, FETCH, ONE, ERD, TRX, and XLM.  

Today’s announcement would see the exchange left with only 11 tokens. 

“Binance will continue to offer staking for 11 other coins. Deposit your coins and start earning rewards today. Thank you for your support,” part of the announcement reads.

Binance Android Mobile App for Futures Services 

In another news, Binance announced that it had developed an android mobile application for its futures services, which according to the exchange will be available for download on Google Play Store in a day or two. 

However, the exchange has created an alternative link for users to gain early access to the application before it is finally launched on the Google Play Store. 

Binance further noted that works are currently ongoing to develop an IOS version of the app for iPhone users.