Binance.US users will now be able to stake their ADA on the leading US exchange.
Binance.US, the US arm of the world’s largest crypto exchange, Binance, on Wednesday announced that customers can now stake their ADA on the platform to earn up to 6.1% APY at launch with no unstaking period for which users have to keep their assets locked to earn rewards.
“Customers can now stake Cardano (ADA) and earn up to 6.1% APY at launch. Get paid weekly when you stake ADA and unstake anytime to access your funds in an instant — with no unstaking period,” the leading crypto exchange writes in its announcement.
Notably, users can stake a minimum of 0.01 ADA and a maximum of 4,400,000 ADA. Cardano’s ADA joins assets like AUDIO, AVAX, BAND, BNB, ATOM, LPT, MATIC, DOT, SOL, and GRT that are available for staking on the exchange.
The listing on Binance.US is a win for ADA. Notably, the exchange is the 3rd largest in the US behind Kraken and Coinbase, with over $278 million in trading volume in the last 24 hours. In addition, it is well known for its security and low fees.
It bears mentioning that Cardano also received staking support from Coinbase in March. The leading exchange offered users a 3.75% APR at launch. Notably, the announcement drove the asset price above the $1 mark, from around $0.8.
It is worth noting that Cardano is on the brink of an important upgrade dubbed the Vasil hard fork. Historically, Cardano upgrades have led to bullish price moves and increased demand across exchanges. ADA’s latest listing for staking on Binance.US and before that, Coinbase is a sign that the demand for the asset is on the rise in the US, where the asset already has a strong following.
Notably, sentiment around the crypto network has been increasingly positive, with Santiment Feed reporting that it is at levels last seen in March. Additionally, as recently reported by The Crypto Basic, the network was ranked as the number one crypto brand in terms of brand intimacy.
Cardano is trading at the $0.4504 price point, up 0.81% in the last hour but down 2.6% in the last 24 hours.