Binance, the world’s largest cryptocurrency exchange in terms of trading volume, has introduced a new vault for the holders of its native digital token Binance Coin (BNB). Known as “BNB Vault,” this newly-launched vault will give users an opportunity to earn an annual interest from 5 percent to 8 percent by staking their BNB tokens.
BNB Vault is actually an investment product that provides users with flexible access. Through this vault, users can earn more income by combining together various Binance products. It also includes decentralized finance (DeFi) staking as well. As different Binance products are integrated into this vault, therefore, the income potential of users’ BNB tokens maximizes “from both centralized and decentralized finance in just one click, allowing BNB holders to enjoy all the benefits of the Binance ecosystem with one click.”
As per the official announcement of Binance made recently, the accrual of interest by the BNB Vault income will start on the second day of staking at 0:00 AM (UTC). However, BNB users will be able to get their income on the third day of staking.
Furthermore, the exchange said in the announcement that it will calculate the income of users earned through the BNB vault on a daily basis. And, it will distribute this income to spot accounts of users. However, the crypto exchange said that it will be distributing the income made from decentralized finance (DeFi) staking or other Binance products in accordance with the actual income.
“The staked BNB assets in the BNB Vault will be deposited in Flexible Savings and are still eligible for BNB holding benefits from the Daily BNB Balance Calculation, such as airdrop, Launchpad holding position, VIP rights, etc.,” the exchange added.
In order for users to access the BNB Vault product, they will need to enter into the Earn Section of the cryptocurrency exchange and then they will have to choose the option of “My Share”. Users can view both their income as well as assets of the vault on My Share which is a “BNB Vault Page”.