How to Earn Crypto on Binance Without Really Trying

Binance announced on Thursday (September 26) the official launch of its Staking platform, which provides a super easy way to earn staking rewards just by "depositing and holding funds" on Binance.

Binance defines "staking" as "the process of holding funds in a cryptocurrency wallet to support the operations of a blockchain network."

Although Binance has been supporting staking for several digital assets for the past several weeks, it was not until yesterday that the Staking platform's website was unveiled and full details about the platform were provided.

Here is what Binance Co-Founder and CEO Changpeng Zhao (aka "CZ") said about the exchange's staking service earlier today:

Binance's announcement explained why this is a totally effortless way to receive staking rewards on a monthly basis:

Users will earn staking rewards without needing to set up any nodes, worry about minimum staking amounts, time lengths, or any other technical requirements.

It also mentioned that Binance has improved its staking calculation methodology (this will go live on 1 October 2019 at 00:00 UTC): instead of taking snapshots of a user's balance for a supported cryptocurrency daily at 00:00 UTC, the plan is to take such snapshots on an hourly basis (i.e. 24 snapshots each day) in order to have a more accurate distribution of staking rewards.

The cryptoassets currently supported for staking are Algorand (ALGO), Komodo (KMD), NEO, Ontology (ONT), Qtum (QTUM), Stellar Lumen (XLM), Stratis (STRAT), and Vechain (VET).

Here are a few things worth noting about Binance's staking service:

  • It is free -- Binance does not charge any fees for staking.
  • It has no "lock-up period" -- you can sell you coins or withdraw them at any time to stop receiving staking rewards.
  • You can trade any portion of your coins while staking (obviously, this will affect your staking balance).

Binance rival Coinbase announced staking support for Tezos (XTZ) on March 29;  however, that service requires you to be a client of Coinbase Custody. This means it is not free and it is only for institutional investors.

Featured Image Courtesy of Binance

Crypto Rating Council Evaluates Three New Cryptocurrencies as Securities

  • The Crypto Rating Council has released securities ratings for IOTA, Basic Attention Token and USDCoin.
  • The CRC, backed by Coinbase, Kraken and other US crypto firms, supports regulation clarity for the industry.

The Crypto Rating Council (CRC) has evaluated IOTA, Brave's Basic Attention Token (BAT) and the USDC stablecoin over whether they should be classified as securities. 

The CRC, backed by Coinbase, Kraken and other exchanges, is a collection of major United States-based crypto firms established in September 2019. The group advocates for and promotes regulation clarity in the industry of cryptocurrency, including analyzing whether or not certain assets should be classified as securities. 

According to an April 2 post, the CRC released rating scores for IOTA, USDC and BAT, in addition to updating its rating for Maker and Polymath. The scale ranks from 1 to 5 with a lower score correlated to few or no characteristics consistent with treatment as a traditional security. 

BAT was given a rating of 2.00, with the council highlighting the coin’s utility as fully open-sourced and supporting the development and use of the Brave Browser. IOTA also scored 2.00, indicating that the currency is unlikely to be viewed as a security.

USDCoin, a stablecoin backed by Coinbase and Circle, was rated 1.00 by the council, consistent with other stable price-pegged coins such as DAI.  

While the CRC’s determinations have no official impact on the opinions of regulators such as the Securities & Exchange Commission (SEC), they do provide some insight to investors on the state of crypto-assets. 

Featured Image Credit: Photo via Pixabay.com