Bitcoin
$44,104.33+1.59%
Ethereum
$2,353.49-0.57%
Binance Coin
$241.29+3.45%
XRP
$0.67021666+4.34%
Solana
$73.32+5.51%
Cardano
$0.56123901+23.42%
Dogecoin
$0.10162382+5.94%
Avalanche
$31.38+18.48%
Polkadot
$7.31+18.14%
Tron
$0.10720470+2.23%
Chainlink
$16.75+6.83%
Polygon
$0.91141678+7.42%
PlayIconNav
Crypto Prices CoinDesk Market Index CoinDesk Market Index
Finance

Binance Introduces Ether Staking in US as It Steps Up Competition With Rivals

Binance will start offering 6% annual percentage yield (APY) to its U.S. customers from as low as 0.001 ETH.

By Jamie Crawley
AccessTimeIconSep 7, 2022 at 12:51 p.m. UTC
Updated May 11, 2023 at 5:45 p.m. UTC
Binance.US CEO Brian Shroder

Binance.US CEO Brian Shroder (Binance.US)

10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Cryptocurrency exchange Binance is introducing ether (ETH) staking in the U.S. ahead of the Ethereum "Merge."

Binance will start offering a 6% annual percentage yield (APY) to its U.S. customers for as low as 0.001 ETH ($1.51) staked, the exchange announced Wednesday.

Staking involves users locking up their digital assets to support the running of proof-of-stake (PoS) networks.

The Merge is the Ethereum's transition from a proof-of-work (PoW) network to PoS and is expected to take place around Sept. 13-15. The hope is that the transition away from the energy-intensive PoW mechanism will improve the efficiency and scalability of Ethereum and attract more mainstream adoption.

Binance first started offering staking to U.S. customers in June and now supports the tokens of blockchains Cardano (ADA), Polkadot (DOT) and Polygon (MATIC), among several others. At the time, CEO of Binance.US Brian Shroder said the aim was to outdo the staking APYs offered by rivals such as Coinbase (COIN) and Gemini.

The timing of extending support to Ethereum suggests Binance.US sees ETH as a major staking battleground in the months ahead.

Read more: What the Merge Could Mean for Ethereum and Its Developers


Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Jamie Crawley
Jamie Crawley

Jamie Crawley is a CoinDesk news reporter based in London.

Follow @JamieCrawleyCD on Twitter

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.