Binance.US Extends Its Support to Algorand (ALGO) Staking

Binance.US to Support Algorand (ALGO) Staking on Its Platform

Binance.US has declared its planning to launch staking rewards. And, Cosmos (ATOM) and Algrorand (ALGO) will emerge as the first tokens to remain available for the purpose of staking for US-based businessmen.

Exchanges have brought down the bar for entry for those seeking to take part in the token governance by providing staking services. It is worth mentioning that a USD on-ramp to staking is going to permit a large number of people to reap the rewards for contributing to the network by endorsing network security, bringing down validation expenditure, and streamlining the mechanisms.

Interestingly, several other US exchanges that may include Kraken and Coinbase have also made staking available till now for only Tezos is also known as XTZ.

As a larger number of “proof-of-stake” tokens begin to list on several popular exchanges, exchanges will get motivated to keep adding staking services.

According to Catherine Coley, CEO of Binance.US, the main goal of Binance.US is to produce chances for a large number of people to participate in the digital asset marketplace and especially assist both the crypto-curious and professionals to reap the benefit of becoming a crypto holder.

Catherine Coley said,

Catherine Coley said

Staking can be defined as when users hold funds in a cryptocurrency wallet for supporting the functioning of a blockchain network. When they indulge in these activities, they get a reward in that coin of choice, which in this scenario will be Algorand (ALGO) and COSMOS (ATOM). Maximum crypto users (at least 70 percent) have shifted their focus on holding onto their assets instead of trading them so that staking offers a suitable solution for holders to reap the rewards for backing the operations of a blockchain network.

Binance.US has emerged as the renowned marketplace that offers swift access and trading across the vast types of digital assets.