Binance, one of the largest standing crypto exchange, has been the leading the crypto mass adoption through its ever-increasing plethora of investment offerings. Joining the list is the new Binance Skating platform, which will serve as a as a value-added service to Binance users. According to the official 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.”
Through the platform, Binance exchange will allow users to earn staking rewards without needing to set up any nodes, worry about minimum staking amounts, time lengths, or any other technical requirements. Based on the post, the company also plans to update its staking calculation methodology at 2019/10/01 0:00 AM (UTC) for all staking reward distributions. This is primarily aimed at providing “a more accurate distribution of these rewards.”
As evidenced by the above screenshot of the company website, Binance Staking has highlighted Algorand’s (ALGO) previous yield of 21.41%. Interestingly enough, one of the latest report suggests that “Algorand cryptocurrency lost 94% of its value in its first three months.” To summarize the initiative for new crypto investors, the website read,
“Receive rewards distributions monthly, calculated based on a user’s pro-rata share of total balances held by Binance users that generated the corresponding staking rewards during the given month.”
It is important to note that Binance will not be charging a fee on any staking operations upon launch in addition to providing promotional rewards to incentivize users to stake on Binance.