Binance US launches low-barrier Ethereum staking ahead of The Merge
2022.09.08 10:42
On Wednesday, the U.S. subsidiary of cryptocurrency exchange Binance announced that it would introduce an Ethereum staking program with annual percentage yields of up to 6.0%. Unlike direct staking on the Ethereum network, which would require 32 Ether (ETH), only 0.001 ETH would be required under the new service introduced by Binance US. Regarding the development, Brian Shroder, CEO of Binance US, said:
The staking yields are in part boosted by features such as Binance US’ automatic restake, which enables the compounding of returns. However, users cannot unstake ETH at the moment, and rewards will not be distributed until Ethereum first transitions from a proof-of-work blockchain to proof-of-stake through the upcoming Merge upgrade scheduled for Sept. 15. Then, through a future “Shanghai Upgrade” contingent on successful Merge completion, users will then be able to withdraw their staked ETH.
