Binance US Now Offers Staking Rewards for These Two Cryptocurrencies

Binance US has joined other major exchanges in the staking game, adding staking rewards for cryptocurrencies algorand (ALGO) and cosmos (ATOM).

Announced Wednesday, the exchange said returns will be given on a monthly basis starting Feb. 1.

ALGO and ATOM are the only proof-of-stake (PoS) cryptocurrencies currently available on Binance US, a California-based licensee of one of the world’s largest cryptocurrency exchanges.

Binance US now joins Kraken and Coinbase in offering staking rewards on PoS coins, though the latter two exchanges only offer staking on Tezos (XTZ).

An expected return per coin was not included in the Binance US announcement. Tezos staking returns on both Kraken and Coinbase run at roughly 6 percent, according to network figures.

An alternative to proof-of-work (PoW) mining, staking encourages cryptocurrency holders to participate in the network by depositing their coins in specialized public addresses. Users compound holdings through disbursed network rewards for verifying transactions while bolstering the network’s overall security.

UPDATE (Jan. 29, 21:25 UTC): This post has been updated to include the product launch date, scheduled for Feb. 1, 2020.