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Binance Introduces Upgrade to Staking and New Reward Hub

Wrapped Beacon ETH presents new staking opportunities to the customers of the crypto exchange Binance, while the new Reward Hub will be a one-stop portal for different promotional activities and reward redemption

Binance staking reward

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The crypto exchange Binance on Monday announced a few important upgrades, that present significant new opportunities for the customers.

To begin with, the exchange decided to enhance the existing proposal in crypto staking, which is one of the top 10 ways to make money with cryptocurrency in 2023. Binance is already one of the top crypto staking platforms globally, having an impressive support for over 120 staking coins and DeFi staking capabilities. However, there’s no limit to perfection.

For this purpose, Binance introduced the wrapped BETH (WBETH). This unique version of Beacon ETH is reward-bearing in nature. Besides, ETH2.0 staking rewards will accumulate in the wrapper, so the value of WBETH will increase despite not being held in Binance Spot Wallet. Therefore, you can send your staked ETH off-platform or to/from a self-custodied wallet on the blockchain, including Ethereum and BSC.

According to the exchange, WBETH has double yield potential, as users can profit both by

  • holding it to earn staking rewards,
  • and moving it on-chain to explore DeFi and other dApps’ opportunities.

In addition, Binace has merged the Task Center and Reward Center to create a single Binance Rewards Hub. The portal will hosts tasks for customers to participate and earn voucher rewards. The vouchers may offer different perks, e.g. free tokens, VIP-level upgrades, and interest-free loans for Margin trading. Binance customers will then use the same directory to redeem the rewards.

Nina Bobro

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https://payspacemagazine.com/

Nina is passionate about financial technologies and environmental issues, reporting on the industry news and the most exciting projects that build their offerings around the intersection of fintech and sustainability.