Binance cryptocurrency exchange added the possibility of stacking Algorand and announced 220,000 ALGO tokens, costing almost $ 130,000 (at the current coin rate).
Algorand staking starts today, July 27th. To participate, users need to keep at least 2 ALGO coins on the exchange wallet .
Airdrop and the first distribution of stacking awards will occur on September 1 of this year. In the future, rewards will be distributed until the 5th day of each month.
Binance representatives also stressed that NEO holders can receive GAS tokens as a result of staking, as well as Ontology (ONG), VeChain (VTHO), Tron (BTT), Stellar (XLM) and Komodo (KMD) coins.
Startup Algorand was founded by a professor at the Massachusetts Institute of Technology and a Turing Award winner Silvio Micali. Last February, the company raised $ 4 million from Pillar Venture Capital and Union Square Ventures, and in October – $ 62 million from an unnamed global investment group. In the early summer of this year, Algorand completed a $ 60 million tokensenale held on the CoinList platform.
The startup has developed a public blockchain based on Proof-Of-Stake, which allegedly processes 1000 transactions per second with a delay time of less than 5 seconds.