Binance, the largest cryptocurrency exchange by volume is the biggest name in the industry in the exchange business. Over the years, the organization has grown into a kind of cult among crypto enthusiasts by making some innovative decisions and with the support of its native token (BNB) that has seen massive growth in its utility and worth.
First in America
Their American subsidiary Binance US has also been flourishing under the leadership of Catherine Coley. According to the most recent announcement, Binance.US users would now be receiving staking rewards for Algorand (ALGO) and COSMOS (ATOM) starting next month.
In blockchains that use a Proof-of-Stake (PoS) system, the nodes in the network are involved in validating blocks, rather than mining them. An algorithm selects block validators based on the number of tokens a given node has staked in their wallet, in this case ALGO and ATOM.
ALGO and ATOM are the only proof-of-stake (PoS) cryptocurrencies currently available on Binance US right now. The announcement further noted that the exchange had plans to add other Proof-of-Stake (PoS) coins in the future.
According to the exchange, if customers are able to access staking easily, it would allow more people to earn rewards for contributing to the network by promoting network security, reducing validation costs, and simplifying consensus mechanisms.
The latest addition also makes Binance.US the first American exchange to offer staking rewards for ATOM and ALGO holdings. According to Coley, rewards are one of the key factors that boost the journey to economic freedom. She explained:
“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.”
The announcement follows the launch of Binance’s dedicated staking platform back in September 2019. Users were able to earn staking rewards without needing to set up any nodes, worry about minimum staking amounts, time lengths, or any other technical requirements. The exchange further updated their staking calculation methodology on October 1st.
Binance is making a name in the American market
Since its launch on September 23rd, Binance.US has surpassed $10 million in daily trading volume and added new tokens almost every week, including Algorand, Zcash, Chainlink, and many others. This has made it easier for users to buy and sell crypto on the platform due to market accessibility and availability of an asset.
The exchange is emerging as a fast and efficient marketplace, providing access and trading across a diverse selection of digital assets. Wei Zhou, Binance CFO, last year, stated that he is very positive about the ongoing developments considering their potential to increase the exchange’s prominence amongst competitors.
With the addition of new coins and surging popularity, Binance.US is well on its way to improving the accessibility of crypto in the US and be a trailblazer in the crypto realm.