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Crypto exchange Binance unveils new staking service for Eth2

Crypto exchange Binance unveils new staking service for Eth2

Crypto exchange Binance said Tuesday that it will go live with a new Eth2-focused staking service this week.

In a blog post, the exchange said the staking offering would go live on December 2, with daily rewards distributed in the form of BETH tokens. As the post explains, “BETH tokenizes a user’s stake in the ETH 2.0 pool at a 1:1 ratio. BETH will allow users to redeem ETH at a 1:1 ratio when ETH 2.0 Phase 1 goes live.”

The announcement comes a day after Coinbase outlined its own plans for Eth2 support, including a planned staking service and an eventual trading pair between the original ETH token and the ETH2 token. 

Eth2, also known as Ethereum 2.0, began the initial phase of its multi-stage rollout on Tuesday. Tuesday saw the creation of the so-called beacon chain, which serves as a kind of data backbone for the nascent network. 

Binance also said that it would offer a double rewards program between December 2 and December 16 for KYC’d participants.

“Users who have completed KYC prior to the end of the activity period will receive an additional reward in BNB equivalent to the average BNB/ETH value of BETH earned as staking rewards by each respective user during the activity period, effectively doubling each qualifying user’s reward,” the exchange said.

© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Author: Michael McSweeney