Binance US Launches Ethereum (ETH) Staking With 6% APY Days Before the Merge

Binance.US, the U.S.-based subsidiary of the world’s largest cryptocurrency exchange, has launched a high-yield staking service for Ethereum (ETH) just days before the long-awaited merge.

Binance US Launches ETH Staking

In a blog post on September 7, Binance.US announced the launch of its Ethereum (ETH) staking service, which offers its users an initial annual percentage yield (APY) of 6%.

The 6% APY offered by Binance is almost twice what other exchanges offer. For example, Coinbase offers ETH staking with an APY of 3.28%, while Lido Finance offers an APY of 3.5%.

In addition, while direct staking on the Ethereum network requires a minimum of 32 ETH to be locked, Binance.US announced that as low as 0.001 ETH ($1.51) can be staked on its platform.

Binance Supports the Merge 

The timing of the support for ETH staking by Binance.US comes just days before Proof-of-Stake goes live on Ethereum’s mainnet.

Speaking about the support, Binance US CEO Brian Shroder said, “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.” 

On the Flipside

  • Despite supporting ETH staking, Binance has announced that it will not support any forked tokens from the merge, and users will not be able to withdraw these tokens if they are created.

Why You Should Care

The low barrier and high APY offered by Binance.US on its ETH staking service will encourage investors to stake their ETH even as the merge approaches.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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Author

Milko is a DailyCoin reporter, mainly focused on Ethereum (ETH), Cardano (ADA), and their founders (Vitalik Buterin and Charles Hoskinson). Milko is an avid follower of crypto and blockchain technology and has written thousands of articles on the subjects. He finds joy in transforming complex issues into written content that anyone can understand. Milko has used and analyzed numerous exchanges, such as Coinbase, FTX, and Binance. He also closely follows all of the latest news around the largest decentralized exchanges (DEXs).