The American division of the world’s largest cryptocurrency exchange Binance, Binance.US, unveils high yield crypto staking services for its customers.
The goal of the platform with this launch is to outperform similar products from other US-based exchanges like Coinbase, Gemini, Kraken etc.
Binance.US CEO Brian Shroder stated “We wanted to put out a product that would unquestionably be the best staking platform in the United States by the end of the year. So, for comparison purposes, we’re looking at the Coinbases, the Geminis, Krakens and BlockFis of this world, both in terms of more competitive returns and usability.”
Binance.US says that the staking service through which users can lock up assets to support proof-of-stake (PoS) networks, will allow users to earn up to an 18% annual percentage yield (APY) on specific tokens.
The PoS blockchains Binance.US currently supports are Audius (AUDIO), Avalanche (AVAX), BNB Chain (Binance Coin), Cosmos (ATOM), Livepeer (LPT), Solana (SOL) and The Graph (GRT).
So the staking services will be only available to holders with any of the above tokens. Binance.US then announced that more tokens will be added in the future.
According to Shroder, staking ATOM token on Binance.US will earn a 12.2% APY, the Livepeer token, with a smaller market size, might offer up to an 18% yield on LPT, and 6.4% annualized returns on its native BNB token.
Users are allowed to unstake their crypto anytime they want. They can only access or withdraw the staked assets once the unstaking process is complete.
The unstaking period refers to the time taken for assets to unbond, which may vary depending on the network. Users will not be eligible to earn staking rewards throughout the unstaking period.
Once the assets are staked, users will start receiving staking rewards at a regular rate. All awards are calculated on a daily basis and distributed weekly.
Users can withdraw their accumulated staking rewards anytime or utilize the Auto-Restake function to boost the returns even more by restaking the staking winnings after each weekly payout.
Shroder also took the chance to remind that, unlike Coinbase and Gemini, Binance.US is currently hiring.
Coinbase declared a hiring halt last week, stating that it will retract employment offers to applicants who had already accepted positions at the firm. Meanwhile, Gemini said that 10% of its workforce would be laid off.
Shroder noted “We are hiring Coinbase and Gemini people onto our staff. There’s a lot of talent from those organizations that are applying to our open positions and we are actively interviewing them.”