Altcoin News: Binance Announces Launch of Cryptocurrency Staking Platform

September 27, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

In line with the latest trends in the cryptocurrency industry, Binance on Thursday announced the launch of a platform for staking digital assets.

At the initial stage, users are invited to stake NEO (NEO / GAS), Ontology (ONT / ONG), Vechain (VEN / VTHO), Stellar (XLM), Komodo (KMD), Algorand (ALGO), Qtum (QTUM) and Stratis ( STRAT).

According to Binance, the new platform will allow users to “ grow their funds by receiving monthly rewards & distributions simply by depositing and holding funds” on the exchange.

On October 1, Binance will change the methods for calculating staking rewards to more accurately distribute them. To account for user shares in the general pool, account balances will be registered hourly, based on which the final result for the day will be calculated. According to Binance, such a structure will allow for a more equitable distribution of rewards compared to a scheme in which the fixation of residues is carried out once a day at a specific time.

For those who are familiar with the Binance staking framework, nothing will change in principle. Participation in the program also involves crediting funds to the main exchange wallet, and the list of supported assets along with the latest announcement has not changed. Information about the minimum deposit requirement and potential rewards, however, really became clearer.

Image credit: Binance

Binance Coin, meanwhile, continues to decline along with the wider market. At the time of publication, BNB is trading at $15.57, depreciating relative to the June peak by 60%.

Earlier, the launch of specialized cryptocurrency staking platforms was announced by KuCoin and Trust Wallet.