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Binance’s DeFi staking platform goes live

TL;DR

Binance‘s DeFi staking platform has launched operations with DAI and Kava listings. According to the full statement, users present on Binance’s DeFi staking platform will be able to use a Proof of Stake protocol to participate in different votings. 

With this model, users would be able to get rewards for keeping their digital assets locked on the platform. Not long after the firm launched the staking platform, it released an announcement that it has listed DAI on the new platform. DAI is a digital asset that is earned through getting a loan on the DeFi platform.

Binance’s DeFi staking platform lists DAI and Kava

With the announcement of the platform support for DAI announced, the next day saw the announcement of Kava, another token on Binance’s DeFi staking platform. Mainly, Kava is a digital asset that is used for staking, which is supported by OKEx and Huobi amongst other firms. 

Aside from the fact that Kava is a digital asset, it is also another staking platform that has shared in the DeFi buzz. Users of Kava staking platform are set to enjoy the benefits the most as they would not need to switch apps but can access it from Binance’s DeFi staking platform.

Kava CEO lauds partnership with Binance

Giving his review about Binance’s DeFi staking platform, CEO Changpeng Zhao said that their clients have been clamouring for DeFi for the past months hence the decision to bring that to life. 

Meanwhile, Kava CEO, Brian Kerr said this was just the beginning of good things to come as this relationship with Binance would bring about good seeds for their client base. 

According to Kerr, the platform would work hard to make the interface seamless while users would be able to earn bountiful rewards for locking their digital assets. With the DeFi sector not going away anytime soon, major crypto firms are now looking for a way to provide their clients with a feel of the industry.

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Kamsi King

King Kamsi is a fintech and digital currency writer and enthusiast. He is keenly interested in blockchain and cryptocurrency and their global adoption. When not busy with writing, he can be found hobnobbing in forums with the best minds in crypto, both developers and startup founders.

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