Binance to give away $800,000 in Stellar (XLM)

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  • The cryptocurrency exchange discovered a hefty sum of money in Stellar tokens.
  • Binance XLM holders will be eligible for stacking reward.

The Malta-based cryptocurrency exchange Binance found out that it earned Stellar tokens worth of $800,000 on stacking.

“Back in August 2018, the Binance team heeded the Stellar team’s recommendations to change some parameters on both cold and hot wallets. This change has allowed us to unknowingly earn staking rewards starting August 31, 2018,” the company wrote in the announcement. 

Since that time company earned 9,500,000 XLM ($775,000) worth of extra XLM tokens with all weekly staking rewards documented and registered on the Stellar’s blockchain. 

After the discovery, Binance decided to share the rewards to the community. It is worth noting that Binance has an established practice of distributing staking rewards. Thus, previously NeoGas for NEO holders, Ontology Gas for Ontology holders, VTHO for VeChain holders, and BitTorrent tokens for TRON tokens.

“These are just a few of the reasons why trading on Binance is rewarding: even HODLing tokens can earn you some more,” the company added.

Binance to support Stellar staking

As of July 20, Binance will start taking daily snapshots of users XLM balances. On September 1 it will distribute XLM staking rewards among XLM holders based on their average balances. 

“This means that on September 1, Binancians who staked XLM tokens will get a bundled bonus payment of XLM staking rewards, including the regular monthly staking reward from the 40-day period and the one-time distribution of 9,500,000 XLM shared proportionately among Binance users, which is estimated to be worth 10 to 12 months of typical monthly rewards,” the company  explained.

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