Binance US, the American affiliate of the world’s largest crypto exchange, is now offering cryptocurrency staking services to its clients—a move that the company expects will make it more competitive against other U.S.-based rivals, such as Coinbase.
Staking services are now available to Binance US customers holding any of seven select proof-of-stake cryptocurrencies: Binance Coin (BNB), Solana (SOL), Avalanche (AVAX), Cosmos (ATOM), The Graph (GRT), Livepeer (LPT), and Audius (AUDIO). According to the company’s Twitter account, more options will be made available in the future.
Proof of stake is a consensus mechanism used by many blockchain networks that require users to lock up their coins for permission to validate the next block. When validating, these users typically earn a reward that is tied to the transaction fees collected from that block.
The more coins that users lock up, the better their chances are of validating a block and thus generating more rewards. However, many...
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