Binance, one of the largest crypto exchanges in the world, has been on the agenda lately with many innovations it has brought.
The exchange was in the news again today after announcing that it is launching a staking service for two more tokens, Cardano (ADA) and Cosmos (ATOM).
According to the official announcement by Binance Staking, users will now be able to earn up to 24.79% APY (percent annual return). Locked stake service will be offered for a period of 15 days, with a maximum of 1000 ADA and 50 ATOM. Also, the standard annual interest rates for ADA will be 21.79%. The exchange will allow its users to perform Cardano (ADA) and Cosmos (ATOM) staking as of February 10 at 15:00.
At the time of writing, the cryptocurrency ADA has gained more than 90% in value in the last seven days, trading at $ 0.82, the highest level in three years. Cosmos’ native token, ATOM, has also gained over 68% this week and is trading at $ 14.97 at press time.
Interestingly, Grayscale recently established five new trusts for cryptocurrency assets, according to the Delaware corporate registry that came out on January 27. Cosmos (ATOM) and Cardano (ADA) were part of these new trusts. In light of these developments, it is not csurprising that tokens are gaining value.
Finally, staking is the process of winning a reward with crypto money by participating in the network of a certain asset. Binance explains this process in the following words: