Binance launches staking platform with 8 assets

Exchanges • September 26, 2019, 5:46PM EDT
The Block

Binance unveiled its new cryptocurrency staking platform on Thursday. The exchange will initially support eight assets: NEO, ONT, VET, XLM, KMD, ALGO, QTUM, and STRAT.

According to Binance, the new platform will enable Binance users "to grow their funds by receiving monthly rewards & distributions simply by depositing and holding funds on Binance." 

THE SCOOP

Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

"Users will earn staking rewards without needing to set up any nodes, worry about minimum staking amounts, time lengths, or any other technical requirements," Binance's announcement reads.

Binance is not the first cryptocurrency exchange to get into the staking game. In late March, Coinbase's custodial service, Coinbase Custody, announced it was supporting staking for Tezos.

About Author

Steven Zheng is a researcher for The Block. He joined The Block in August 2018. Steven graduated from St. John’s University with a degree in economics. Previously, he covered blockchain and crypto at Radicle, a startup analytics firm. He also had brief stints at Cheddar, a media startup, and Bowery Capital, a venture capital firm. He owns bitcoin. Follow Steven on Twitter at: @Dogetoshi

More by Steven Zheng