Binance announces support and rewards for TROY staking

Crypto exchange Binance offers support and rewards for Troy staking.

Binance announced that it has added support for Troy (TROY) staking on Wednesday and will distribute TROY staking rewards to users. Binance will be taking live snapshots of user TROY balances and one must hold at least 250 TROY to qualify for the staking rewards.

The initial distribution of TROY staking rewards will be calculated through to March 31 with the total amount distributed equal to the staking rewards accrued during the period. The rewards are calculated daily and distributed monthly. The distribution will be completed before the 20th of each month.

The staking distribution will be calculated as follows:

• TROY generated by each user = Total TROY staking rewards received by Binance * User TROY holdings ratio

• User TROY holdings ratio = Average user TROY holdings / Average total TROY staked by Binance

In February, Binance also announced the listing of COTI for free. The exchange opened trading for COTI/BNB, COTI/BTC, and COTI/USDT trading pairs starting Feb. 26. However, it only listed ERC20 and BEP20 COTI tokens.

It also offered an additional $3,000 COTI giveaway. The rewards will be split into thirds and will be distributed directly to participants’ accounts in over two months. The rewards will not be confirmed in a further announcement and users will only see it when they log in on their account on the Distribution History.

“We are both humbled and proud to announce that Binance will list COTI as of February 26th, 2020 at 2:00 PM UTC. Binance listing has long been one of our goals to enable as many people as possible, around the world, to buy and hold COTI, while also adding liquidity to our coin and network,” COTI wrote.

“To top all of this excitement, we are happy to say that our listing is FREE. Thank you, Binance!”

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