The Tezos staking has apparently been getting more searches over the recent months and as we can see now, the service will be soon available on another cryptocurrency exchange in the United States. As we can see, the Binance US arm will launch the XTZ staking rewards this week.
The cryptocurrency news also show that Binance.US confirmed this in an official blog post, stating that it will launch staking rewards for XTZ on Thursday, April 16th. The service is expected to be activated at 09:00 EST as Binance noted.
In the announcement sent on April 13, it was said that the Binance US arm will launch the XTZ staking – something that made headlines in the Tezos news. In addition to this, Binance.US noted that the exchange already supports major Tezos trading pairs such as XTZ/USD and XTZ/BUSD on Binance/US app, website and API.
Very similar to the already supported staking coins on Binance.US, the Tezos staking will allow the exchange to take hourly snapshots of users’ XTZ balances in order to calculate rewards. While these rewards will be calculated daily, the distributions will take placeo n a monthly basis before the 20th day of each month. As such, the first distribution of XTZ by the Binance US arm will take place in May 2020, as Binance.US explained.
What is worth noting is that Tezos staking is already available on the Binance global exchange. As we reported before, this staking option was launched on the dedicated staking platform that Binance has on December 4, 2020.
Basically, the unique thing about staking services is that they allow users to deposit their token holdings and earn staking rewards without having to set up their own nodes. Even though Binance officially debuted its dedicated staking service in September 2019, its US wing introduced the staking product in late January 2020.
To date, there are two main tokens for staking on Binance – Algorand (ALGO) and Cosmos (ATOM). As announced, the Binance US arm first listed Algorand on February 17th, while ATOM staking was launched later on March 10 this year. Now that the Tezos (XTZ) staking is official on Binance.US, we can definitely expect a lot of great features and new additions in the near future.