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Leading cryptocurrency exchange Binance has announced the launch of its official staking platform.
In its announcement, Binance said that the Staking Platform will be available to its users as a value-added service.
Staking is the process of holding funds in a cryptocurrency wallet to support the operations of a blockchain network. With this new service, Binance users will be rewarded for simply depositing and holding coins on Binance, which will help them grow their funds.
“Users will earn staking rewards without needing to set up any nodes, worry about minimum staking amounts, time lengths, or any other technical requirements,” Binance said.
As per the details, Binance will update its staking calculation methodology on October 01 for providing a more accurate distribution of rewards. For this, it said that hourly snapshots will be taken to calculate final snapshot for each day (average of 24 snapshots each day), instead of taking a single daily snapshot.
Staking service @Binance. You literally don't have to do anything. Your funds on Binance automatically participate. You can still trade as you normally would.
— CZ Binance (@cz_binance) September 27, 2019
Keeping it simple!https://t.co/CR0Fqpde6d
Earlier this year, Coinbase Custody had announced the launch of staking services for institutional investors, starting with Tezos. Kathleen Breitman, co-founder of Tezos, said at the time that this will offer “a way for institutional participants…to take an active role in the network.”
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