Binance is proving that it’s still king of the bullish news as its latest announcement caused Tezos to spike more than 8% in the 6 hours following the announcement. The goliath crypto exchange announced that it is planning to introduce support for zero fee Tezos staking through its relatively new crypto products system. Rewards will be paid out monthly based on how much XTZ that Binance makes, proportionately to the amount staked by a user.
Estimating Juicy Yields
According to the product page, Binance is estimating an annual yield of 6-7%. If this yield turns out to be correct, or at least half way there, it’s still a far better yield than the majority of bank issued funds and savings accounts. If Binance can indeed achieve these levels, we could see a new generation of savings and investment portfolios that revolve around collective staking – much in the way a traditional fund portfolio works.
XTZ Looking to Top November’s Highs
XTZ managed to outperform a great deal of the wider crypto markets in November, shaking off the bears to a certain extent. In November, XTZ managed to climb up to $1.34 level, before pulling back to the $1.23 support level. On the back of the Binance news, XTZ is up 8% and pushing back towards $1.30. If it can continue this momentum as we’ve seen so many times before with Binance announcements, we could see it top $1.34 and head towards $1.35.
This brand-new Binance staking product will definitely usher in a new era of savings plans for crypto investors seeking to get more bang for their buck, and we could see more exchanges looking to capitalize on crypto that’s stored away. As long as Binance can keep its platform secure and free of hacks, then we could see a lot of XTZ hodlers pour their funds into the staking system to earn the sweet rewards!