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HomeCrypto NewsMarketBinance.US Launches Staking for VeChain (VET) 

Binance.US Launches Staking for VeChain (VET) 

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Binance.US has added support for VeChain staking.

The United States arm of the world’s largest cryptocurrency exchange, Binance.US, has announced that it has launched staking for the VeChain token (VET). According to a recent announcement, Binance.US customers who stake their VET will earn 1% APY, which will be paid in VeThor (VTHO). 

Binance.US noted that the staking rewards for VET would be paid out weekly. In addition, there is no mandatory lock-up period for VET staking, as customers can unlock their staked funds whenever they choose without incurring any fee.

“Binance.US customers can now buy, sell, convert, or stake VET, and also buy, sell, and convert VTHO” the exchange added.

Pushing Widespread Blockchain Adoption

VeChain is currently among the top cryptocurrency projects. Launched in 2018, the VeChainThor blockchain was forked from Ethereum. One of the main ideas behind the development of the network is to roll out architectural upgrades that would boost the adoption of blockchain technology with the main purpose of enhancing supply chain management and business processes.

So far, VeChain has made tremendous progress in solving real-world economic problems. Several firms have leveraged VeChain tech for different purposes. As reported by TheCryptoBasic, VeChain partnered with OrionOne, a U.S.-based logistics company, to drive the widespread adoption of blockchain technology among logistics companies.

Last month, VeChain also ventured into another partnership with UCO Network to convert used cooking oil into sustainable biofuels in Europe. 

Furthermore, VeChain recently partnered with Venice Sustainable Fashion Forum in a collaboration that will drive sustainability in fashion supply chains

Despite operating a two-token model (VET and VTHO), VeChain disclosed that it has huge stakes in other cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and stablecoins.

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Lele Jima
Lele Jima
Lele Jima is a cryptocurrency enthusiast and journalist who is focused on educating people about how the nascent asset class is transforming the world. Aside from cryptocurrency-related activities, Jima is a lover of sports and music.

Disclaimer: The content is for informational purposes only, may include the author's personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

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