Binance Set to Launch Cosmos (ATOM) Staking

On Wednesday (December 4), digital asset exchange Binance announced that it will soon be adding support for Cosmos (ATOM) staking.

Binance's announcement says that Binance will be supporting ATOM staking from December 5:

The Binance team says that ATOM staking rewards will be distributed as follows:

  • Starting at 00:00 UTC on 5 December 2019, Binance will start taking hourly snapshots of users' ATOM balances (i.e. 24 snapshots each day).
  • The following two equations will be used to calculate the ATOM staking distribution:
    • "ATOM generated by each user = Total ATOM staking rewards received by Binance * User ATOM holdings ratio"
    • "User ATOM holdings ratio = User ATOM holdings / Total ATOM staked by Binance."

To qualify for staking rewards, users need to have at least 0.5 ATOM.

The first distribution will be calculated up to and including 1 January 2020, "with the total amount distributed equal to the staking rewards accrued on holdings during the period."

ATOM rewards will be determined on a daily basis (hourly snapshots) and paid out on a monthly basis; staking reward distributions will be completed "before the 20th of each month."

Binance's website says that the estimated annual yield for ATOM staking is 8–10%.

Featured Image Courtesy of Binance

Binance Acquires Crypto Debit Card Issuer for an Undisclosed Sum

Leading cryptocurrency exchange Binance has acquired cryptocurrency debit card issuer Swipe for an undisclosed sum, in a deal that gets the platform one step closer to issuing its Binance Card.

Finance Magnates reports the firms shared revealed the companies will “work together to further mainstream adoption of cryptocurrencies,” by further bringing fiat and digital assets together. The deal will allow for cryptos to be used as a payment method in the traditional financial system.

Binance unveiled its plan to launch a Visa crypto debit card earlier this year, but was having difficulties implementing it. The acquisition of crypto start Swipe should help fix these difficulties and support the exchange in its “mission of making crypto more accessible to the masses.”

Per Binance CEO Changpeng Zhao, off-ramps are a key component to be considered in its mission. He added:

By giving users the ability to convert and spend crypto directly, and have merchants still seamlessly accept fiat, this will make the crypto experience much better for everyone.

Binance and Swipe listed each other’s native tokens as part of the deal. Binance now has trading pairs for Swipe’s SXP token, while the Binance Coin (BNB) was added to the cryptocurrencies, stablecoins, and fiat currencies available as a payment method on Swipe.

Swipe, it’s worth noting, converts cryptoassets into fiat currencies at the point of purchase. Users pay in a cryptoassets of their choice, which is then converted into fiat currency the merchant receives, so the latter does not have to manage cryptoassets, or accept payments in them directly.

Swipe’s cards are issued by Contis Financial Services, a visa Principal Member regulated by the UK’s Financial Conduct Authority. They are available in 31 countries within the European Economic Area, and support transactions in euros, pounds, U.S. dollars, Korean won, and Philippine pesos.

The firm’s CEO Joselito Lizarondo revealed partnering will Binance will “place Swipe in the position to make cryptocurrencies more accessible for millions of users worldwide.” Binance Card users will be able to get up to 4% cashback in bitcoin on their purchases, which will be available in over 50 million locations in the world.

Featured image via Pixabay.