The popular Binance crypto exchange revealed today that it will be introducing support for Qtum (QTUM) staking.
Back on 16 June 2018, Binance Info rated the Qtum project as an overall BB (“Technical feasibility is good and the risk of the project is moderately controllable”).
According to a support article released by Binance, the exchange will be supporting staking for the coin beginning with the 1st of August.
“Binance will be adding support for Qtum (QTUM) staking, starting August 1, 2019. Qtum rewards will be in addition to the staking rewards Binance already supports, including NEO (GAS), Ontology (ONG), VeChain (VTHO), Tron (BTT), Stellar (XLM), Komodo (KMD), & Algorand (ALGO).”
Binance also posted how the Qtum staking rewards will be distributed on a monthly basis:
“Starting from August 1, 2019, Binance will begin taking daily snapshots of user QTUM balances at 00:00 AM UTC.
QTUM Staking distribution will be calculated as follows:
QTUM generated by each user = Total QTUM staking rewards received by Binance * User QTUM holdings ratio.
User QTUM holdings ratio = User QTUM holdings / Total QTUM staked by Binance.
Users must hold at least 1 QTUM in order to qualify for staking rewards.
The initial distribution of QTUM staking rewards will be calculated up until September 1, 2019, with the total amount distributed equal to the staking rewards accrued on holdings during the period.
QTUM rewards are calculated daily and distributed monthly. Distributions will be completed before the 5th of each month.”
The announcement was made a few days after Binance announced that that it will be adding staking for Stellar and airdropping the coins to users.
The exchange also decided that it will be distributing the staking rewards that it gathered up until now (50,000 QTUM, which is worth approx. $145,000) to its users as payment for the first distribution of the Qtum Staking Airdrop Program.
Featured Image: Medium