— Binance.US (@BinanceAmerica) January 29, 2020
According to the announcement, the exchange plans to begin paying out staking rewards on its platform and app starting in February. While ALGO and ATOM are the first coins to be supported, Binance.US plans on adding a number of proof-of-stake projects in the future.
Staking rewards will be paid out automatically to users that hold the supported altcoins with the percent return dictated by the inflation schedule of each project.
“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 Binance.US CEO Catherine Coley. “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.”
Binance’s main platform currently has 17 altcoins available for staking, including ALGO and ATOM. Based on this list and the currently available assets on Binance.US, it wouldn’t be surprising to see Tezos (XTZ), NEO (NEO), Ontology (ONT), Stellar (XLM) and QTUM (QTUM) added to the US exchange’s staking offerings.
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Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.