- Binance introduces BNB Vault feature
- This new feature would allow users to be able stake different products of the crypto exchange firm
BNB Vault allows users of the Crypto exchange platform to be able to stake different products of the crypto exchange firm with the aim of making more profits. This is not limited to their products alone, users can also carry out DeFi staking with this newly added feature to the platform.
Users of the platform can utilize this new feature to stake any of their free BNB tokens and earn as high as 5%-8% on a year by year basis.
To access this feature, users have to visit the exchange’s Earn section of their app or via the web browser and toggle to the “My Share” button.
The Vault would afford users the opportunity to choose between staking their funds directly or using the feature as an interface to access other products.
When funds are staked, users can expect their profits to be paid on the third day. However, interest would only begin to build on their invested funds on the second day.
Binance made it clear that staked assets can still be used to enjoy existing benefits that are open to BNB. It means that staked assets would enjoy benefits like VIP rights, Launchpad positions and any other benefits open to BNB tokens.
BNB Vault to be staked on Binance Smart Chain
BNB users would be able to earn interests through the earlier mentioned Earn section and the staking feature that can also be found on the platform’s Smart Chain. A user can choose to do this simultaneously.
Binance Smart Chain should not be confused with the Binance Chain. They are two different blockchains.
It would be recalled that Binance entered into a partnership with Visa which allows it to be able to issue debit crypto cards to its millions of users.