The US subsidiary of Binance has announced the launch of a new staking platform called Binance US Staking. Binance US stated that its new staking platform will come with an “auto-restake” feature and it will enable users to stake a selection of tokens.
Users can generate an API of 18%
Additionally, the company says several supported Proof-of-Stake crypto assets are available on its platform. These include Cosmos (ATOM), Avalanche (AVAX), Audius (AUDIO), The Graph (GRT), Solana (SOL), and Livepeer (LPT). More support tokens will also be added to the platform in the future, according to the crypto exchange.
Binance added that through the tokens, users can generate an annual percentage yield (API) of about 18%, which represents the highest rate among US crypto companies.
Additionally, the exchange will enable customers to automatically restake the reward they got weekly. The user experiences and dashboard were designed to offer best-in-class solutions, allowing users to easily track their earned staking rewards.
President and Chief Executive Officer of Binance US, Brain Shroder, while commenting on the development, stated that the staking is the first of many innovations that will empower customers to do more with their money.
He added that the company wants to put its seed round founding to work to keep its promises of introducing new products and services that customers want. Binance noted that staking is one of the most common ways for cryptocurrency holders to grow their funds without trading.
Binance Secures $500 Million For Third Generation Projects
The exchange added that independent staking can be a difficult process, especially when the market is volatile. As a result, Binance US is simplifying the process of staking via a user-friendly interface. This enables the customers to stake and auto-restake with just a few clicks.
Additionally, Binance Labs, the venture capital arm of Binance, recently announced that it has secured $500 million to fund crypto and third-generation web projects.
However, despite the progress it has made so far, the exchange has been facing a series of issues from regulators. The US Securities and Exchange Commission (SEC) is investigating the exchange for possible violations during the sale of its Binance Coin (BNB). The watchdog is investigating whether the token can be classified as securities and whether Binance violated its laws through the sale of unregistered securities.