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Binance Exchange Increases Support for XRP and LTC: Details

Wed, 08/03/2022 - 14:57
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Tomiwabold Olajide
Users can "stake" their LTC and XRP starting August 3
Binance Exchange Increases Support for XRP and LTC: Details
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According to a recent announcement, Binance DeFi Staking has added support for XRP and Litecoin. Users can now "stake" their LTC and XRP, starting Aug. 3, and earn up to 1.40% APR in rewards.

Blockchains like Litecoin use the proof-of-work mechanism, in which miners solve a computational problem to verify transactions, instead of the proof-of-stake (PoS) mechanism, which requires market participants, or validators, to stake or hold a minimum number of coins to validate transactions in exchange for rewards.

Likewise, unlike other blockchains that employ proof of work or proof of stake, XRP Ledger (XRPL) uses a consensus mechanism in which selected servers known as validators agree on the sequence and outcome of XRP transactions.

Therefore, holders are not able to stake their coins individually or through an exchange on a network in exchange for rewards. On its website, Binance offers a Frequently Asked Questions section that explains the DeFi staking procedure for non-proof-of-stake coins.

As reported by U.Today, Mercuryo, a global payment network, recently added XRP support. In an announcement, it was stated that XRP had been integrated into the Mercuryo payments network, allowing customers to access the asset for cross-border payments.

RippleNet finds usage in payroll app

Ripple's remittance technology, RippleNet, is recording growing use cases as seen on Level, a payroll app suite powered by Ripple partner Modulr.

In February, leading payments platform Modulr announced a partnership with Ripple to run real-time payments internationally, powered by Ripple's financial technology, RippleNet.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.