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Binance.US Launches Staking for VeChain (VET)

Exchange

thecryptobasic.com 20 October 2022 08:02, UTC
  
Reading time: ~2 m

Binance.US has added support for VeChain staking.


The United States arm of the world’s largest cryptocurrency exchange, Binance.US, has announced that it has launched staking for the VeChain token (VET). According to a recent announcement, Binance.US customers who stake their VET will earn 1% APY, which will be paid in VeThor (VTHO).

Attention @vechainofficial community!$VET staking is officially live on #BinanceUS!

Stake now on the largest major #staking platform in the U.S. – Earn $VTHO weekly. Unstake at anytime.

Get Started: https://t.co/xbvR4CY9qv pic.twitter.com/838mDPmWLJ

— Binance.US 🇺🇸 (@BinanceUS) October 19, 2022

Binance.US noted that the staking rewards for VET would be paid out weekly. In addition, there is no mandatory lock-up period for VET staking, as customers can unlock their staked funds whenever they choose without incurring any fee.

“Binance.US customers can now buy, sell, convert, or stake VET, and also buy, sell, and convert VTHO” the exchange added.

Pushing Widespread Blockchain Adoption

VeChain is currently among the top cryptocurrency projects. Launched in 2018, the VeChainThor blockchain was forked from Ethereum. One of the main ideas behind the development of the network is to roll out architectural upgrades that would boost the adoption of blockchain technology with the main purpose of enhancing supply chain management and business processes.

So far, VeChain has made tremendous progress in solving real-world economic problems. Several firms have leveraged VeChain tech for different purposes. As reported by TheCryptoBasic, VeChain partnered with OrionOne, a U.S.-based logistics company, to drive the widespread adoption of blockchain technology among logistics companies.

Last month, VeChain also ventured into another partnership with UCO Network to convert used cooking oil into sustainable biofuels in Europe.

Furthermore, VeChain recently partnered with Venice Sustainable Fashion Forum in a collaboration that will drive sustainability in fashion supply chains.

Despite operating a two-token model (VET and VTHO), VeChain disclosed that it has huge stakes in other cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and stablecoins.


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