With the mission to outflank similar offerings from rival U.S.-based exchanges, world’s largest cryptocurrency exchange, Binance.US, has launched a blockchain staking product promising high return on staked crypto.
It was announced on Tuesday that the staking service will enable users to earn up to an 18% annual percentage yield (APY) on certain tokens.
The PoS blockchains Binance.US supports include Audius (AUDIO), Avalanche (AVAX), BNB Chain, Cosmos (ATOM), Livepeer (LPT), Solana (SOL) and The Graph (GRT). Binance.US shared more tokens will be added in near future. Binance.US CEO Brian Shroder said the goal is to outdo staking APYs of Coinbase and Gemini.
Shroder said staking something like the smaller market cap Livepeer token could promise up to an 18% yield on LPT while Cosmos blockchain’s ATOM token will generate a yield of 12.2% APY on Binance.US.
“We wanted to put out a product that would unquestionably be the best staking platform in the United States by the end of the year,” Shroder said in an interview. “So, for comparison purposes, we’re looking at the Coinbases, the Geminis, Krakens and BlockFis of this world, both in terms of more competitive returns and usability.”
He also took the chance to point out that his firm is hiring in contrast to the poor job news coming out of Coinbase and Gemini.
“We are hiring Coinbase and Gemini people onto our staff,” Shroder said. “There’s a lot of talent from those organizations that are applying to our open positions and we are actively interviewing them.”
Last week, Coinbase announced a hiring freeze and said it would revoke offers to applicants who had accepted jobs at the exchange. Gemini, meanwhile, announced it would lay off 10% of its staff.