Binance.US Ready To Support Staking Cardano (ADA)

Binance supports Cardano staking. (photo: doc. CryptocoinSpy)

JAKARTA Binance crypto trading company operating in the United States, Binance.US, will support Cardano (ADA) staking services. This information was conveyed by Binance.US in the latest announcement.

The crypto exchange is offering a 6.4% turnover (APR) for ADA crypto staking. The plan is that the exchange will open the staking offer next week. A week away, another new staking offer, said Binance.US CEO Brian Shroder.

The 6.4% APR is part of the company's efforts to compete with the largest cryptocurrency trading company in the US, Coinbase. Previously, the company had introduced support for the new service in June.

At that time Binance.US had just opened staking services for a number of Proof-of-Stake-based cryptocurrencies such as Avalanche (AVAX), Solana (SOL), Cosmos (APOM), and a number of other cryptocurrencies. As reported by U.Today, Coinbase launched staking for institutional investors in the US last month.

Gemini, a popular cryptocurrency exchange owned by the Adivoss twins, launched support for staked Polygon (MATIC) in the US, Hong Kong, and Singapore in August. The company said it would add more proof-of-stake coins, including Solana (SOL) and Polkadot (DOT) in the near future.

Meanwhile, Binance.US's initial announcement of Cardano's staking was first announced in February 2021. Switzerland-based Sygnum Bank allowed its users to stake ADA tokens in early August.

Staking Crypto

As additional information, staking is a process of locking or betting on tokens aimed at validating the network. This only applies to cryptocurrencies that use Proof-of-Stake consensus mechanisms.

So, owners who risk their tokens on a network are called validators. Token owners can choose the staking process within a certain period of time. That way, users will get passive income in the form of additional interest because it has become a validator.

This is different from cryptocurrencies that use a Proof-of-Work (PoW) consensus such as the old version of Bitcoin and Ethereum before switching to the PoS version of Ethereum. PoW-based crypto can be mined using a number of high-power computing devices. While in PoS, tokens cannot be mined but are set up.