We are excited to share that Binance.US will offer staking rewards on its platform and app starting in February 2020. Initially, staking rewards will be available for Algorand (ALGO) and Cosmos (ATOM), with more Proof of Stake (PoS) coins available for listing and staking down the road. Staking rewards will be available in all current states where Binance.US operates.
Why Staking Matters: Expanding Opportunities for U.S. Traders
We believe that an easy, secure on-ramp to staking allows more people to earn rewards for contributing to the network by promoting network security, reducing validation costs, and simplifying consensus mechanisms. This is a significant milestone towards our goal of expanding financial inclusion.
The growth of staking is lowering barriers to entry across the crypto ecosystem, and Binance.US is proud to offer Americans the opportunity to participate in the consensus and governance of blockchains. Staking is one of crypto’s most important advancements, and we are excited to welcome U.S. participation in supporting the operations of these blockchain networks.
“Binance.US strives to create opportunities for more people to get involved in the digital asset marketplace and provide an interactive platform for all users, both crypto-curious and expert traders, to explore, participate and benefit from being a crypto holder,” said Catherine Coley, CEO of Binance.US.
“I believe that one of the key components of America’s pathway to economic freedom is to reward users for being a part of a community that is better suited than traditional platforms in terms of the future of money and money management. Staking is just one of the many attractive ways we are bringing new people into the digital asset marketplace. We consider this another step towards achieving our goal of financial inclusion for an ever-growing pool of people.”
What is Staking?
Staking involves users holding funds in a cryptocurrency wallet to support the operations of a blockchain network. By doing so, they receive a reward in that coin of choice — in this case, of ALGO and ATOM. Seventy percent of crypto users are focused on holding onto their assets rather than trading them, so staking provides an ideal solution for holders to passively earn rewards by supporting the operation of various blockchain networks.
To learn more about staking, read Binance Academy’s article “What Is Staking?”
How to Start Earning Staking Rewards
There are two ways to start earning staking rewards on Binance.US:
- If you already hold ALGO or ATOM through Binance.US, you’ll be able to start automatically earning rewards once the program goes live in February 2020.
- If you don’t currently hold ALGO or ATOM, you can purchase one or both of the tokens in order to participate in the staking program.
Note: Staking rewards will not occur before March 2020.
Don’t Forget: Always Do Your Digital Homework!
At Binance.US, we believe in educating, not intimidating. And while we are very excited to launch staking rewards, we encourage you to learn about how staking works, as well as about the basics of cryptocurrency trading, before you decide to participate in the program.
The good news is that Binance.US makes it super easy to learn about blockchain and digital assets. Head over the Binance Academy to learn about the entire crypto ecosystem. To get a head start on staking, check out Proof of Stake Explained and What Is Staking?
As always, we appreciate your requests and feedback. It helps us build better ways for you to access and interact with the digital assets economy every day.