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Cryptocurrency Trading Issued by Binance US Could Create a Threat to Its Competitors

Binance US, the US wing of the global crypto exchange, has now launched crypto staking services. Services will be made available to users throughout the United States.

Binance US is currently offering crypto staking services to customers holding any of the seven cryptocurrencies based on a proof-of-work (POW) consensus. Cryptocurrencies include Binance Coin, Avalanche, Solana, The Graph, Cosmos, Livepeer, and Audius.

The official Binance US Twitter account also tweeted that there will be more to come.

Binance US move will compete with its rivals

Many blockchain networks use proof of stake as a method of consensus, requiring users to lock their currency in order to be authorized to validate the next block. When these people validate a block, they typically receive a payout based on the transaction fees they receive.

In order to have a better chance of successfully validating the block, you need to lock more coins. In the case of Ethereum 2.0, users need to stake a minimum of 32 ETH. That’s where crypto exchanges can come to the rescue with their staking services, where they simplify the whole process.

‚ÄúWe want to launch a product that is sure to be the best staking platform in the US by the end of the year.‚ÄĚ ‚ÄúSo for comparison purposes, we are looking at the Coinbase, Geminis, Krakens, and BlockFis of this world, both in terms of more competitive margins and usability.‚ÄĚ

Binance US CEO Brian Shroder said in an interview

Similar to its competitors, Coinbase and Gemini, Binance US will also offer attractive staking returns to its US customers. The exchange will offer 6.4% APY for its native token, BNB, and up to 18% APY for Livepeer staking. Setting ATOM will yield 12.2% APY and 7% AVAX. Rates can be really different and can change over time.