As officially announced today, Binance.US will launch staking rewards for XTZ on Thursday, April 16. The service is expected to be activated at 09:00 EST, Binance noted.
First XTZ rewards to be distributed in May 2020
In the April 13 announcement, Binance clarified that no action will be needed for Tezos holders to start earning rewards. Additionally, Binance.US noted that the exchange already supports major Tezos trading pairs like XTZ/USD and XTZ/BUSD on Binance.US app, website and API.
Similar to already-supported staking coins on Binance.US, the exchange will be taking hourly snapshots of user’s XTZ balances to calculate rewards. While rewards will be calculated daily, distributions will take place on a monthly basis before the 20th day of each month. As such, XTZ’s first distribution will take place in May 2020, Binance.US explained.
Tezos staking is already available on Binance’s global exchange. As reported by Cointelegraph, Binance officially launched Tezos staking on its dedicated staking platform on Dec. 4, 2020.
Binance.US introduced staking rewards in January 2020, while parent exchange debuted staking service in late 2019
As reported, staking service allows users to deposit their token holdings and earn staking rewards without having to set up their own nodes. While Binance officially debuted its dedicated staking service in September 2019, its U.S. wing introduced the staking product in late January 2020.
To date, Binance.US supports two tokens for staking — Algorand (ALGO) and Cosmos (ATOM). As announced, Binance.US first listed Algorand on Feb. 17, while ATOM staking was launched on March 10.
By adding XTZ staking support, Binance.US joins major U.S. crypto firms like Coinbase and Kraken. As reported by Cointelegraph, Coinbase launched Tezos staking in November 2019, while Kraken subsequently rolled out the product in December.