Binance Launches Ethereum Staking With A 6% APY

Binance Introducing Ethereum Staking
Staking On Binance

In a recent announcement, the exchange stated that Binance had begun offering Ethereum staking on its platform. Holders can earn 6% APY on ETH. The announcement coincides with the upcoming introduction of the Ethereum Merge, which will be a significant milestone for ETH. Ethereum will switch from a PoW mining scheme to a PoS mining system between September 15 and September 20. This improvement will therefore be significantly more environmentally friendly.

Binance Introducing Ethereum Staking

The development team of the exchange claims that by introducing staking for ETH, one of the most popular tokens in the world, it is "furthering its commitment to always provide clients with the finest products and services." For staking through the Ethereum network directly, 32 ETH are needed. On Binance.US, customers can stake, starting from as little as 0.001 ETH.

"ETH is essential to the larger Web3 ecosystem. We are delighted to offer ETH staking with some of the highest APY returns in the industry as the Ethereum network continues to migrate towards The Merge. We are working to develop a complete staking solution that will offer our customers the best value," said Brian Shroder, Chief Executive Officer of Binance.US.

Staking On Binance

Staking on Binance first appeared in June 2022. The exchange now provides the highest APY staking rate among the top US cryptocurrency exchanges. Since then, the total number of digital assets that can be staked has doubled. These include ADA, DOT, BNB, BAND, and MATIC.

Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Binance Ethereum staking

Binance Launches Ethereum Staking With A 6% APY

Usha Yadav

Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.