Binance Offers Staking Rewards to Algorand, COSMOS Users

Binance Offers Staking Rewards to Algorand, COSMOS Users

Binance US, a global cryptocurrency exchange, has announced that it will offer staking rewards to users of cryptocurrency platforms Algorand and COSMOS in February.

The exchange plans to add other Proof-of-Stake (PoS) coins. “The easy way to access staking is to allow more people to earn incentives while encouraging network security, reducing authentication costs” for contributing to the network,” the company stated.

Binance claims that it is the first exchange in the US to offer such rewards to ATOM and ALGO.

CEO Catherine Coley said:

“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.”

The move came after Binance declared the launch of a staking platform in late September 2019.

Staking is an operation possible on PoS-based blockchain which enables the network nodes to validate blocks by holding digital assets as collateral.

Dovey Wan, founding partner of Primitive Ventures Company, said:

“That’s why RIP for all StakingaaS Exchanges gonna eat it, custodial wallets gonna eat it, even PoW pool gonna eat it, and then the remaining is a race to the bottom Bad business, just bad.”

Cryptolydian earlier reported that Binance has added the Vietnamese currency dong (VND) to its peer-to-peer (P2P) trading platform, the company said Monday in a press release.

The move allows the platform’s users to buy and sell Bitcoin, Tether, Ethereum and Binance Coin through the platform.

The platform is only available in China and Vietnam, but the firm will expand in 2020 to add other countries around the world.

It is worth mentioning that crypto exchanges holding great quantities of Bitcoin recorded a significant increase in their reserves. Coinbase, for example, holds 1 million Bitcoin worth $8.4 billion. Binance ranked third with approx. 307,000 Bitcoin and 2.6 million Ethereum.

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Rabea Maguid 551 Articles
Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.