Binance’s American subsidiary has expanded the list of available staking options with the Cardano (ADA) token
Binance.US, a San Francisco-based subsidiary of cryptocurrency giant Binance, has added support for Cardano (ADA) staking, according to a recent announcement.
The trading platform offers 6.4% annualized returns on the ADA token.
“Another week, another new staking offering,” CEO Brian Shroder commented.
The exchange introduced support for high-yield staking in early June in an attempt to compete with Coinbase.
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The initial list of proof-of-stake cryptocurrencies includes Avalanche (AVAX), Solana (SOL), Cosmos (ATOM), and some other cryptocurrencies.
As reported by U.Today, Coinbase launched staking for institutional investors in the U.S. last month.
Gemini, a popular cryptocurrency exchange owned by the Winklevoss twins, launched support for Polygon (MATIC) staking in the U.S, Hong Kong, and Singapore in August. The company said that it would add more proof-of-stake coins, including Solana (SOL) and Polkadot (DOT) in the near future.
Binance initially introduced support for Cardano staking back in February 2021.
Switzerland-based Sygnum Bank made it possible for its users to stake the ADA token in early August.
