Ethereum Merge Only a few days left until the update. Cryptocurrency exchanges are adding new services to increase the number of users. Binance’s US arm, Binance.US, announced a new Ethereum staking service for its users on Twitter.
Binance.USnew days before Ethereum Merge update ETH Staking announced its service. According to the statement, Binance.US users will earn 6% annual passive income in ETH by locking their Ethereum for 1 year.
Introducing ETH #staking
Earn 6% APY on #Ethereum. Lock in your $ETH for next-level rewards with the highest APY among major #crypto exchanges in the US.
Grow your portfolio while you wait for Ethereum Proof-of-Stake upgrade to launch.
Get Started: https://t.co/m4zCkbj0zn pic.twitter.com/lZfQB6GWGe
— Binance.US 🇺🇸 (@BinanceUS) September 7, 2022
The exchange also emphasized that the minimum amount of ETH requested for staking is much more convenient than its competitors. Binance.US has announced the minimum amount for its ETH Staking service as 0.001 ETH. The current value of the minimum amount is about 1.5 dollars.
ETH Staking Is More Important Now
With the Ethereum Merge update, Ethereum mining will become history. Miners will be replaced by a proof-of-stake system. In the proof-of-stake system, those who want to be validators have at least 32 ETH will lock and earn passive income.
But 32 Ethereum is a huge amount for most investors. Most platforms, especially cryptocurrency exchanges, offer a new solution to this problem. The ETHs that users lock into the system are combined by exchanges and completed to the minimum amount of 32 ETH. This will increase the profitability of cryptocurrency exchanges. Small investors will also be able to earn passive income without being stuck with the 32 ETH limit.
Ethereum is trading at $1550 as of writing.
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