Besides including ALGO and ATOM to its Staking program, Binance US announced the incorporation of Josh Goodbody to its work team.
Binance US announced the opening of its staking program for clients interested in deriving profits by keeping funds in their accounts, which will be available for the Algorand (ALGO) and Cosmos (ATOM) cryptocurrencies.
According to official information published in the Binance US blog, the exchange will enable this new program for its clients as of February 1, and for the moment ALGO and ATOM will be the only coins accepted for the staking modality in the United States, since they wait for greater clarity in the regulatory provisions to incorporate other cryptocurrencies.
For those who do not know, staking is the process of keeping funds deposited in a crypto wallet to support the operations of a Blockchain network.
Binance originally enabled a staking program based on the Tezos cryptocurrency (XTZ) for its users (with the exception of those in the United States), with which the interested parties only had to keep digital currency funds in their Wallets within the exchange and would receive a percentage of earnings monthly based on the amount of XTZ stored in their accounts.
Binance US: staking with ALGO and ATOM
With this announcement, Binance US joins the growing group of exchanges operating in the United States to offer staking programs for its users. Previously Kraken and Coinbase enabled this option for interested people, but for now only available for people operating with Tezos.
The exchange currently offers a total of 28 cryptocurrencies for US clients, which operate in harmony with local laws in force. Binance US executive director Catherine Coley said in an interview that in addition to ALGO and ATOM, they also intend to incorporate Tezos (XTZ) into the staking program in the United States, but hope to clarify some legal provisions before giving this step.
As with Tezos, critics and analysts argue that the measure seeks to attract more people to the platform, since these programs basically would not generate an attractive profit margin for the exchange.
Binance hires former JPMorgan executive
Among other announcements made by the exchange, Binance’s general management announced the incorporation of Josh Goodbody, former advisor to Huobi and former director of JPMorgan, who will take over as new director of the institutional and growth business exchange for Europe and America Latin
Upon joining the board of the Binance team, Goodbody commented in a statement:
“I feel very honored to join the team with whom I share the same philosophy, which defends that democratizing money could have a significant impact on people’s lives … I am happy to have the opportunity to be part of this trip together with Binance, especially at such a crucial time for the growth of the exchange. “
Goodbody must generate a base of retail and institutional clients both in Europe and in Latin America, plans framed in the growth of the Binance ecosystem for this year.