Binance exchange has just announced that it will add support Algorand (ALGO) coin staking and will launch a 220,000 ALGO initial staking reward airdrop. Starting from July 27, 2019, Binance will begin taking daily snapshots of user ALGO balances at 00:00 AM UTC. Users must hold at least 2 ALGO in order to qualify for staking rewards.
#Binance Will Support @Algorand ( $ALGO) Staking & Launch a 220,000 ALGO Initial Staking Reward Airdrop
— Binance (@binance) July 26, 2019
Users holding ALGO on Binance may expect to receive a 1st staking reward bonus from an additional $135,000 equivalent pool of ALGO.https://t.co/lu9cq4qQ1e pic.twitter.com/Ig0eoAvVNF
And right after Binance’s tweet, ALGO price had a 20% spike. It seems that some whales were accumulating ALGO and were waiting for Binance’s announcement.
What is Algorand ?
Algorand is a Boston-based blockchain company created by MIT professor Silvio Micali and recently had a token sale that raised $60 million. each token was sold at $2.40/token. its current price is only $0.673013 USD.
Binance currently supports staking for NEO (GAS), Ontology (ONG), VeChain (VTHO), Tron (BTT), Stellar (XLM) & Komodo (KMD).
