Binance Reveal Stellar Giveaway and Staking Support

Binance Reveal Stellar Giveaway and Staking Support

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Binance, the leading exchange platform by market volume, yesterday announced a 9,500,000 XLM and the option to now offer staking on their platform.

Nearly a year ago, Binance began offering Stellar (XLM) on their platform and as a result begun earning monthly XLM rewards for doing so. According to the platform, this was “inadvertently” done and now they have 9,500,000 XLM on their hands. With such a substantial sum available to them, the decision was made to award the coins to their community of users.

Earn by Holding

The way in which they plan to do this is via the staking service they now offer on their platform, which was a side product of the discovered XLM too. The plan is for Binance to keep track of users XLM activity over the next 40 days. They will monitor users XLM balances and then, on September 1st, they will then distribute users their staking rewards.

This where is the funds will come in as they are planning to dish out the 9,500,000 XLM, which has a current market value of $775,000 USD, to any user who has stored XLM on their account. This extra supplement will be top up the staking rewards users gathered over the 90-day period.

Staking on Binance

It is believed that this bundle will be the equivalent of 10 to 12 months of typical monthly rewards. As such, not only is this a great way to get yourself some extra funds, but it will also be a way to get started staking if you haven’t done thought about it before.

The incorporation of XLM will join a long list of other staking options already offered on the platform, which include NeoGas for NEO holders, Ontology Gas for Ontology holders, VTHO for VeChain holders, and BitTorrent tokens for TRON tokens. With XLM staking being “the latest in a long line of moves we have done to always provide the best for Binance users” according to the firm.

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