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Cryptocurrency exchange Binance US is going to launch staking rewards for two cryptocurrencies, ATOM and ALGO, starting in February.
The announcement follows the official launch of a staking platform by Binance last September. In an online post, the leading exchange said that Binance.US will launch more Proof of Stake (PoS) coins for listing and staking going forward.
"We’re proud to be the first U.S. marketplace to offer staking rewards for ATOM and ALGO, expanding the staking opportunities available to U.S. traders," it said.
Binance said that an easy and secure on-ramp to staking will allow more people to earn rewards for their contribution to the network by promoting network security, reducing validation cost and simplifying consensus mechanisms.
“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," said Catherine Coley, CEO of Binance.US.
Staking involves users holding funds in a crypto wallet to support the operations of a blockchain network. By simply doing this, they will receive a reward in the coin of choice.
To earn staking rewards, one has to hold ALGO or ATOM through Binance.US. The platform will automatically give away rewards once the program goes live next month. For those who don’t have any ALGO or ATOM to hold, they can purchase both of the tokens to participate in the staking program.
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