According to the news floating around the internet, it claims that Binance.US, the American branch of the world’s largest cryptocurrency exchange, Coinbase, has introduced a blockchain staking product that promises significant payouts on staked crypto, aiming to outflank similar products from competing for US-based exchanges. The business stated on Tuesday that its staking service, which allows users to lock up assets to support proof-of-stake (PoS) networks, allows users to earn up to an 18 per cent annual percentage yield (APY) on specific currencies.
Moreover, Audius (AUDIO), Avalanche (AVAX), BNB Chain, Cosmos (ATOM), Livepeer (LPT), Solana (SOL), and The Graph are among the Binance.US’s PoS blockchains supporters (GRT). According to Binance.US, more coins will be introduced in the near future. The staking of crypto tokens is made easier by large exchanges, which take a cut of the coins’ yield. The goal, according to Binance.US CEO Brian Shroder, is to outperform staking APYs on platforms like Coinbase and Gemini. Shroder claims that staking Cosmos blockchain’s ATOM token will earn a 12.2 per cent APY on Binance.US, but the Livepeer token, with a smaller market size, might offer up to an 18% dividend on LPT.
As per the sources, we also came to know that the Binance.US, although projections of coming crypto winter, they appear to be in fine shape; Shroder claims the firm does have plenty of dry powder to explore acquisitions in the future. In contrast to the gloomy job news coming out of Coinbase and Gemini, he used the opportunity to point out that his company is hiring.
Furthermore, Shroder also added that they’re adding people from Coinbase and Gemini to their team. Those firms have a lot of talent applying for our open positions, and they are actively interviewing them. Coinbase declared a recruiting freeze last week, stating that it will retract employment offers to applicants who had already accepted positions at the exchange. Meanwhile, Gemini said that 10% of its workforce would be laid off.
