Binance’s US-based crypto exchange announced today that it would add support for Algorand and Cosmos staking in Feb. The exchange plans to distribute staking rewards on a monthly basis but did not release any details on the expected return. Binance US’s venture into staking comes almost two months after its parent company launched support for zero-fee Tezos staking back in Dec. 2019. Binance US does not currently list Tezos, perhaps due to some lingering regulatory concerns. But Binance US CEO Catherine Coley said in a recent podcast that the exchange hopes to list and add staking support for more Proof-of-Stake (PoS) assets in the near future.
Why it matters:
Catherine Coley also revealed Binance US added staking services due to customer demand and to remain at the forefront of crypto’s maturation. Based on a customer survey, Catherine discovered staking was one of the core components its user base wanted. The exchange also views staking as a different mechanism for how uses can interact with cryptoassets and networks beyond trading and speculation.
Read the full article on Messari: