Binance.US Set to Launch Staking Rewards For Tezos

Just weeks after Binance listed Tezos (XTZ) on its U.S.-based division Binance.US, the cryptocurrency exchange announced Binance.US will be launching staking rewards for Tezos on Thursday, April 16th.  As previously reported, Binance.US is supporting trading for the XTZ/USD and XTZ/Binance USD (BUSD) trading pairs and are already available to trade on Binance.US app, website, and API. Binance.US may deposit US dollars, BUSD (the exchange’s stablecoin), or XTZ tokens to their exchange wallets for the supported pairs.

“Binance.US takes hourly snapshots of user’s XTZ balances to calculate rewards. Rewards are calculated daily and distributed monthly. Distributions for XTZ will be completed before the 20th of each month, beginning in May 2020.”

The Tezos project has reportedly raised $232 million through an initial coin offering (ICO) back in July 2017. At the time, it was the largest ICO ever conducted but was later overtaken by Filecoin.

Binance.US is described as a fast and secure marketplace providing access and trading across a diverse selection of digital assets. Binance added it will continue evaluating coins, tokens and trading pairs to offer on Binance.US in accordance with Binance’s Digital Asset Risk Assessment Framework, community feedback, and market demand.

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