Proof-of-stake (PoS) cryptocurrencies like Binance Coin, Solana, Avalanche, Livepeer, Graph, Cosmos, and Audius can now give Binance US customers returns.
Binance US announced on Twitter that the company is now among the many crypto exchanges that provide staking services. “Binance US has officially launched staking, enabling customers to do more with their money,” the company announced on Tuesday. “Customers can now stake while earning up to 18 percent APY, the highest rate among US crypto firms,” the exchange added.
The platform currently provides staking services for seven different crypto assets, including BNB, AUDIO, AVAX, SOL, ATOM, LPT, and GRT. According to the subsidiary, BNB currently offers an annual percentage yield (APY) of around 6.4 percent, while LPT’s staking reward is 18 percent. When a Twitter user asked the exchange if they can “expect more options in the future?” the exchange responded, “Yes. “There will be more.”
Binance US has entered the staking services market, joining competitors such as Crypto.com, Kraken, Gemini, Coinbase, FTX, Tradestation, and other trading platforms that provide staking services to customers. Aside from centralized exchanges, cryptocurrency users can stake coins in a non-custodial manner by utilizing decentralized finance (defi) applications and delegating coins directly to PoS network validators.
This is the American subsidiary of Binance, the world’s largest crypto exchange by trade volume. The exchange, which was founded in 2017, stopped serving Americans in 2019 and soon after revealed an American subsidiary. While the exchange is the world’s largest by volume, according to coingecko.com data, its American subsidiary is the 15th largest at the time of writing.
According to people familiar with the matter who spoke with Bloomberg, parent company Binance is under investigation by the US Securities and Exchange Commission (SEC). The alleged investigation concerns whether the crypto asset binance coin (BNB) is unregistered security.