The U.S. arm of the largest cryptocurrency exchange Binance US is now offering Ethereum staking with an annual APY of 6%. Users can now lock up their Ethereum to earn annual rewards.
6% is high compared to other competitors, which currently offer an average of around 4%, but this is still more than what traditional banking offers as interest, which is nearly close to 0.
“ETH plays a critical role in the broader Web3 ecosystem. We are thrilled to now offer ETH staking with some of the highest APY rewards in the industry,” said Binance US CEO Brian Shroder.
The staking yields are in part boosted by features such as the Binance US automatic restake feature, which enables the compounding of returns.
