Binance US, a U.S.-based subsidiary of the world’s largest cryptocurrency exchange, is now offering Ethereum (CRYPTO: ETH) staking with an annual percentage yield (APY) of 6%.
What Happened: In an announcement on Wednesday, Binance US said users would be able to stake ETH through the platform at a competitively low minimum of 0.001 ETH.
In order to stake ETH directly through the Ethereum network, a user would otherwise have to put up a minimum of 32 ETH.
"ETH plays a critical role in the broader Web3 ecosystem, and as the Ethereum network continues to transition towards The Merge, we are thrilled to now offer ETH staking with some of the highest APY rewards in the industry," said Binance US CEO Brian Shroder.
See Also: HOW TO STAKE ETHEREUM
The 6% APY offered by Binance US is also a competitive rate by the general industry standard. Coinbase (NASDAQ:COIN) Global Inc (NASDAQ: COIN) currently offers ETH staking at a 3.28% APY but expects it to increase to 9-12% after the Merge.
Data from StakingRewards shows that number of ETH rose over the last month to 54,800. However, the average revenue from ETH staking was down from a high of $1.68 billion on Aug. 13 to $937 million at the time of writing. The decrease was largely due to ETH’s decline in price from over $2,000 in mid-August.
Price Action: At the time of writing, ETH was trading at $1,639, up 4.2% over the last 24 hours, as per data from Benzinga Pro.
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