As one of the world’s leading cryptocurrency exchanges, Binance is a popular choice for those looking to buy, sell, or trade digital assets. However, the platform also offers an opportunity to earn passive income through its staking program. But what is staking and can you stake on Binance?
What is staking?
In the cryptocurrency world, staking is the process of holding coins in a wallet to support the operations of a blockchain network. By doing so, users can earn rewards in the form of new coins for their contribution to the network.
Staking is often compared to earning interest on a traditional bank account, but with much higher potential returns.
Can you stake on Binance?
Yes, Binance offers a staking program that allows users to earn rewards for supporting select proof-of-stake (PoS) and delegated proof-of-stake (DPoS) networks. Currently, the platform supports more than 30 assets, including popular cryptocurrencies like Bitcoin, Ethereum, and Litecoin.
To start staking on Binance, simply deposit your coins into a supported wallet and then enable staking from your account dashboard. Once enabled, you will begin earning rewards according to the protocol of the underlying network.
For example, if you stake Bitcoin on Binance, you will earn newly minted Bitcoin as a reward for supporting the network.
Staking is a great way to earn passive income from your cryptocurrency holdings. And with Binance’s easy-to-use staking program, anyone can start earning rewards on their favorite digital assets.