By Solomon Odunayo
Binance.US has recently announced its move to offer staking rewards for Cosmos (ATOM) and Algorand (ALGO) on its platform and mobile application staring from February 2020.
For a start, staking rewards for Algorand (ALGO) and Cosmos (ATOM) will be available on the trading platform with more Proof of Stake (PoS) coins for listing and staking, which will precede the availability of staking rewards for all the states where Binance.US is accessible.
In December 2019, the United States version of Binance exchange (Binance.US) launched its much-anticipated mobile app to ease trading activities for its users. This alone has enhanced the knowledge of US residents about cryptocurrency trading and activities related to it.
Binance.US is Expanding Opportunities for United States Traders
According to the report, Binance.US is the first marketplace to offer staking rewards for Cosmos (ATOM) and Algorand (ALGO), and it is targeted at expanding opportunities for the United States cryptocurrency traders and investors.
In terms of advancement in the cryptocurrency ecosystem, staking has played a very big part, which Binance.US has started to complement.
The CEO of Binance.US, Catherine Coley shared the purpose of proposing the staking rewards and the new developments evolving within the crypto exchange in the United States.
“Binance.US strives to create opportunities for more people to get involved in the digital asset marketplace and provide an interactive platform for all users, both crypto-curious and expert traders, to explore, participate and benefit from being a crypto holder…
She furthered that she knows where the interest of the Americans lies, stating that the act of rewarding the users is their pathway to economic freedom.
“I believe that one of the key components of America’s pathway to economic freedom is to reward users for being a part of a community that is better suited than traditional platforms in terms of the future of money and money management.
“Staking is just one of the many attractive ways we are bringing new people into the digital asset marketplace. We consider this another step towards achieving our goal of financial inclusion for an ever-growing pool of people,” Catherine Coley concluded.
The Process of Earning Staking Rewards with Cosmos (ATOM) and Algorand (ALGO)
To get started, Binance.US iOS App or Binance.US Android App has to be downloaded. According to the exchange, two ways could be followed to start earning staking rewards on Binance.US.
Read as shared by Binance.US below:
- If you already hold ALGO or ATOM through Binance.US, you’ll be able to start automatically earning rewards once the program goes live in February 2020.
- If you don’t currently hold ALGO or ATOM, you can purchase one or both of the tokens in order to participate in the staking program.