One of the most important factors behind the growth of the cryptocurrency space is the existence of mega crypto exchanges. It has made it possible for more and more people to get involved in space and the biggest one is Binance.
Today, the company made another landmark announcement. The crypto exchange announced today that it has launched an exclusive staking platform and it will allow its users to earn exclusive rewards. Users will be able to store their digital coins on the staking platform, and in return, they will be awarded rewards. It might be regarded as something that is akin to earning interest by keeping money in a bank.
This is quite an inventive platform that has been launched by Binance. The official announcement for it was made on Thursday this week. Due to the availability of the platform, users would not need to meet the minimum staking requirement and the time periods that are stipulated on some other platforms.
At this point in time, only a limited number of cryptocurrencies are going to be supported by Binance’s staking platform. The tokens that are currently supported include Ontology, Stratis Neo, Qtum, VeChain, Algorand, Strat, Komodo, and Stellar Lumens.
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It goes without saying that it is another important development in the further strengthening of the cryptocurrency ecosystem. Although staking platforms are available, an offering from one of the biggest crypto exchanges in the world like Binance is definitely a huge development. It could eventually encourage more users to use it in anticipation of the rewards on offer.
Changpeng Zhao, the Chief Executive Officer of Binance, explained the whole thing quite succinctly in a tweet: “You literally don’t have to do anything. Your funds on Binance automatically participate. You can still trade as you normally would.” It now remains to be seen how many users the company’s staking platform can attract.
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