Binance US has announced to add staking for Algorand (ALGO) and Cosmos (ATOM. With this, both ALGO and ATOM will become first tokens available for staking to US-based traders on the Binance US exchange.
Staking reward for Algorand and Cosmos in Feb
The US-based crypto exchange Binance US has recently announced in a blog post that it will introduce staking reward for Algorand (ALGO) and Cosmos (ATOM) in the month of February 2020. According to the blog post, the staking rewards will be available in those states where Binance US is currently operating.
An easy, secure on-ramp to staking allows users to earn rewards for contributing to the network by promoting network security, reducing network costs, and simplifying consensus mechanisms.
Expanding the staking opportunities for US traders
By offering staking rewards for Algorand and Cosmos, Binance US aims to expand the staking opportunities for US traders and it has become the first marketplace to offer staking rewards for ATOM and ALGO. Also, the staking is lowering the barriers for entering into the crypto ecosystem.
Apart from this, the CEO of Binance US Catherine Coley also shares his point of view. Catherine says:
Binance.US strives to create opportunities for more people to get involved in the digital asset marketplace and most importantly, help both crypto-curious and experts enjoy and benefit from being a crypto holder. 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.
Staking will now help US traders to earn a reward. Therefore almost seventy percent of users have decided to hold onto their coins instead of trading them.