As Tezos (XTZ) staking has apparently become more popular in recent months, the service will soon be available on another United States crypto-currency exchange. Binance.US, the U.S. arm of the world’s largest crypto-exchange, Binance, will launch this week’s staking rewards.
Binance.US will launch staking rewards for XTZ Thursday, April 16, as officially announced today. Activation of the service is expected at 09:00 EST, Binance noted.
First XTZ Rewards to be Distributed in May
Binance has clarified that no action will be required for Tezos holders to start earning rewards, according to the announcement. Binance. US further noted that the exchange already supports major Tezos trading pairs such as XTZ / USD and XTZ / BUSD in the Binance. US app, website and API.
Similar to staking coins already supported on Binance. US, the exchange will take hourly snapshots of user’s XTZ balances to calculate rewards. While rewards are calculated daily, distributions are made monthly before the 20th day of each month. As such the first distribution of XTZ will take place in May 2020, explained Binance. US.
Staking of Tezos is already available on the global exchange of Binance. On Dec. 4, 2020, Binance officially launched Tezos on their dedicated staking platform.
In January 2020, Binance.US introduced staking rewards while the parent exchange debuted staking service in late 2019
As reported, staking service allows users to deposit their token holdings without having to set up their own nodes and earn staking rewards. While Binance officially debuted its dedicated staking service in September 2019, the staking product was introduced by its US wing in late January 2020.
To date, Binance.US has been supporting two staking tokens-Algorand (ALGO) and Cosmos (ATOM). Binance.US first listed Algorand on Feb. 17, as previously announced, while ATOM staking was launched on March 10.
By adding support for staking XTZ, Binance. US joins major U.S. crypto companies such as Coinbase and Kraken. In November 2019, Coinbase launched Tezos Staking while Kraken later rolled out the product in December.