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Binance US launches 6% APY Ethereum Staking Service

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Binance US launches 6% APY Ethereum Staking Service:

Yesterday (September 7th), Binance.US announced the launching of an Ethereum Staking service, offering its users an initial annual percentage yield (APY) of 6%.

Binance US - CryptoNews
Binance US – CryptoNews

According to a blog post by Binance.US, this new staking feature will allow users to start staking ETH using a minimum of 0.001 ETH (approximately $1.62) – An amount much more affordable than the 32 ETH needed to become an Ethereum validator.

“While there is a 32 ETH requirement for staking directly through the Ethereum network, users can stake on Binance.US with a competitively low minimum of just 0.001 ETH.”

It is important to note that rewards earned through this staking will be distributed once Ethereum completes its Merge event –  Ethereum transition from Proof of Work (PoW) to Proof of Stake (PoS) model.

The support of Binance towards the Ethereum merge is obvious in the crypto space.

Brian Shroder, CEO of Binance US, said that the Binance US team was excited to launch this feature.

In addition, they are looking to create new comprehensive staking offerings that bring “greater value for customers.”

“ETH plays a critical role in the broader Web3 ecosystem, and as the Ethereum network continues to transition towards The Merge, we are thrilled to now offer ETH staking with some of the highest APY rewards in the industry,”

Meanwhile, this current APY offered by Binance US becomes more attractive to that of competitors.

Just for reference purposes, Nexo offers 4% APY, Blockfi 4% APY, Lido Finance offers a 3.5% APY whereas Coinbase goes with 3.25% APY, Cryptopotato revealed.

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