Binance unveiled its new cryptocurrency staking platform on Thursday. The exchange will initially support eight assets: NEO, ONT, VET, XLM, KMD, ALGO, QTUM, and STRAT.
According to Binance, the new platform will enable Binance users "to grow their funds by receiving monthly rewards & distributions simply by depositing and holding funds on Binance."
"Users will earn staking rewards without needing to set up any nodes, worry about minimum staking amounts, time lengths, or any other technical requirements," Binance's announcement reads.
Binance is not the first cryptocurrency exchange to get into the staking game. In late March, Coinbase's custodial service, Coinbase Custody, announced it was supporting staking for Tezos.