Binance, Leading Cryptocurrency Exchange, Starts Staking
Image is a screenshot of Binance Homepage
The world's largest cryptocurrency exchange, Binance is going to launch a new service for its users. The name of this new service is staking which gives users a chance to earn crypto currency by depositing their fund in Binance. To use the staking service, users have to deposit their funds on the balance platform and users can earn monthly reward. Users do not have to set up any node to earn reward through the stacking service. There is no minimum amount obligation and no time limit nor any technical requirement to avail the status service, you just have to deposit funds on the balance platform.
It is a value added service according to Binance. According to Binance announcement - "With Staking, Binance users will be able to grow their funds by receiving monthly rewards & distributions simply by depositing and holding funds on Binance."
Binance will update the calculating methodology on 1st October 2019 for staking reward distribution. For the staking reward distribution, Binance will take snapshot of the balance of the users every hour and then take an average of 24-hour snapshot. Binance says that this method will give fair distribution of reward among users.
Binance has launched this facility for 8 coins and those 8 coins are as follows.
*Hold NEO to earn GAS
*Hold ONT to earn ONG
*Hold VET to earn VTHO
*Stellar (XLM)
*Komodo (KMD)
*Algorand (ALGO)
*Qtum (QTUM)
*Stratis (STRAT)
Through the stacking reward of NEO, ONT and VET, users will be able to earn gas reward while users will be able to earn respective coins through XLM, KMD, ALGO, QTUM and START's stacking reward.
Binancee will not charge any fee for staking service. The best part of Binance staking program is that you can trade any coin deposited in the stacking program. As soon as your trade is filled, your staked balance will be changed and accordingly the daily stacking reward will be changed. You can sell staked coins at any time. There is no lock up period in the Binance staking program which makes this staking program more attractive.
Is Binance staking is attractive?
Give your suggestions as reply to this post.
Thanks for reading,
Satya
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