Binance US launches low-barrier Ethereum staking ahead of The Merge

Binance US has launched its own Ethereum staking service with returns more attractive than those of its closest competitors. 

Binance US launches low-barrier Ethereum staking ahead of The Merge

On September 7th Binance US expressed a 6% APY Ethereum Staking service offering 6% of its users' initial annual percentage yield. 

According to Binance US, this new feature will allow users to start ETH Staking with a minimum of 0.001 ETH an amount much more accessible than the 32 ETH required to be eligible as an Ethereum validator. 

Binance US CEO Brian Shroder expressed: 

"ETH plays a critical role in the broader Web3 ecosystem. As the Ethereum network continues to transition towards The Merge, we are thrilled to offer ETH staking with some of the highest APY rewards in the industry."

Right now, Binance is offering better APY than its competitors this has provided an opportunity for the exchange to double the number of tokens offered including ADA, DOT, BNB, and MATIC which recently launched. 

The Ethereum upgrade is expected to take between September 15 and 16 the Merge could lead to a new fork that would affect Binance's ability to react to protect its users. the merge might lead to a new fork that would affect Binance's ability to react to protect its users. 

if there is no new fork users will be able to deposit and withdraw their ETH without any inconvenience still supposing Ethereum splits into other chains involving new tokens in that case. Binance will keep the ETH token for the PoS version of Ethereum crediting the number of tokens available in customers' wallets before the Merge. 

Binance declared that new tokens will be able to withdraw from the platform without much difficulty as they will not instant they go through a verification purpose like other tokens.

Related: Ethereum Classic climbs 28% in a day adding over $1 billion to its market cap