Binance.US has launched a blockchain staking service that allows users to earn up to an 18% annual percentage yield on some tokens.
The new feature, which enables users to lock in assets to facilitate proof-of-stake networks, is expected to rival similar offerings from other US crypto exchanges.
The PoS networks on Binance.US comprises Avalanche, Cosmos, Solana, The Graph, and Audius. The company says that more protocols will be added soon.
Binance.US’s Chief Executive Officer Brian Shroder commented that staking ATOM will earn a yield of about 12.2%, while smaller tokens will reach as high as 18% in the offering.
Shroder remarked that the platform aims to offer a competitive staking platform in the US, rivaling Coinbase, Kraken, and BlockFi in terms of returns and efficiency.
The executive added that Binance was keeping its growth momentum, saying that the firm was ready to hire staff who were exiting the competition, including Coinbase.