• Binance joins Elrond as a staking provider; Initial Game Offering (IGO) to be launched on October 26

  • Binance, a cryptocurrency exchange, has announced a strategic partnership with Elrond, a scalable blockchain, to deploy the EGLD staking pool.

    Binance stated in a blog post that traders can earn up to 55.49 percent annual per yield (APY) and split 100 EGLD awards worth $19,000. Traders earn yearly interest rates by holding the token for 10, 30, 60, or 90 days, with the staking cap set at 0.2 EGLD.

    The Binance staking platform will also focus on operating validator nodes to execute transactions and ensure the network’s security as part of the partnership.

    The collaboration comes after Binance initially offered support for the main Elrond network’s launch. Elrond recently signed a deal with Woodstock Fund to focus on non-custodial staking.

    Following the news, the EGLD token has risen 6.55 percent in the last 24 hours and 13 percent in the last week, trading at $270 at the time of writing.

    Binance will launch its first game offering.

    Simultaneously, Binance is making inroads into the gaming NFT scene with an Initial Game Offering (IGO) scheduled for October 26, 2021.

    The venture will be a collaboration with the entire NFT horse racing ecosystem, De Race NFT.

    On October 12, 2021, Dreams Quest, a blockchain-based NFT gaming platform, launched its NFTs on the Binance NFT marketplace.

    Binance has increased its leverage in the growing NFT gaming market since launching the NFT venture. Notably, the NFT gaming sector protocols have grown in popularity in terms of users and volume, with their native tokens performing well as well.

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