Binance US, the American arm of the world’s largest cryptocurrency exchange, has announced the launch of staking for Cosmos (ATOM). Binance US will enable users to stake their Cosmos tokens directly through the exchange, with no minimum amount required and rewards paid out in ATOM every week.
This is big news for the Cosmos network, which has been struggling to gain traction since its mainnet launch in March 2019. The addition of Binance US as a staking provider will no doubt help to increase its visibility and attract more users.
It is also good news for Binance US users, who will now be able to earn rewards on their holdings without having to set up their own staking nodes. Binance US is one of the most user-friendly exchanges in the market, and this move will make it even more attractive to those looking to get involved in staking.
The launch of staking on Binance US comes hot on the heels of similar announcements from other major exchanges, including Coinbase and Kraken. It is part of a wider trend of exchanges offering staking services to their users, as they look to capitalise on the growing interest in cryptocurrency yield farming.
So far, Binance US has not announced any specific details on how much rewards users can expect to earn from staking Cosmos. However, given that the annual return on Cosmos staking is currently around 7%, it is likely that Binance US will offer a comparable rate.
At this stage, it is not clear whether Binance US staking will be automatic or manual. However, given that the exchange already offers similar services for other cryptocurrencies, it is likely that staking will be automatic and that users will not need to do anything other than hold their ATOM tokens in their Binance US account.
In conclusion, we can say that Binance US Staking is likely to be automatic based on the fact that other similar services are automated on the exchange. This would make it much easier for users as they would not need to do anything other than hold their ATOM tokens in their account.
The addition of Binance US as a staking provider will help increase its visibility and attract more users which can only be a good thing for Cosmos.