Binance.US, the US subsidiary of the Binance crypto exchange is all set to launch Tezos staking service on its platform from April 16. As per the official announcement, the Tezos staking services will be activated by 9.00 EST on Thursday.
Tezos staking has gained a lot of traction from around the globe in recent months and Binance being a leading exchange service provider had the Tezos staking facility on its global platform. The announcement also clarified that Tezos holders on the platform would not have to go through any complex procedures to start earning rewards. The exchange will be solely responsible for determining the rewards for Tezos holders.
Binance.US would take an hourly screenshot of Tezos holders on its platform to determine the reward for the customers. The process will be quite similar to other staking services available for different tokens on the platform. Binance would calculate the staking rewards on a daily basis, however, the allocation of rewards will be done on a monthly basis. At preset Binance.US support a couple of major Tezos trading pairs namely XTZ/USD and XTZ/BUSD, which are available on the Binance.US mobile application as well as website and API.
How Staking Services Help Customers Earn Reward
Binance as a global exchange offers a number of services, be it a fiat-crypto gateway to make trading easier or staking of various tokens without having to run a full node and earn a reward for staking those tokens. The global Binance platform introduced staking services on the platform towards the end of 2019, while its US counterpart introduced staking services in early 2020.
A users can avail the rewards by simply holding the available staking tokens in their exchange wallet for a certain period of time, the longer the staking time, bigger is the reward. Currently, there are two tokens available for staking, one being Algorand, and another being ATOM. With the Tezos listing on April 16th, the Binance.US would join the likes of Coinbase and Kraken who are offering Tezos Staking services.
Binance has become a giant crypto ecosystem in itself, right from having its own utility token BNB which was one of the best-performing assets in 2019 to have their own blockchain. The platform has also been on an accusation spree out of which CoinMarketCap is the latest one which created a lot of noise in the decentralized space on whether acquiring an independent crypto data monitoring services would be good for the crypto ecosystem. Recently, it was also revealed that Binance uses a significant portion of its profit for acquisition.