Injective’s token rises by 9% after the launch of staking on Binance

INJ became the first project available for staking on Binance Custody

29.11.2022 - 09:45

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2 min

What’s new? Binance has partnered with Injective, a decentralized cryptocurrency exchange (DEX). Thus, the native token INJ became the first asset available for staking on Binance Custody. In the future, Binance Custody will add support for other cryptocurrencies. Injective Labs CEO Eric Chen said that this integration will introduce blockchain to an entirely new institutional audience, and Binance Custody will provide protection for decentralized applications (dApps) on Injective for tokens launched on the network. INJ jumped by 9,37% on this news. As of November 29, the asset is trading at $1,68.

Binance’s press release

What else is known about the partnership? The staking mechanism allows institutions to delegate their assets directly to node validators that power Injective’s blockchain. With this feature, Binance Custody provides secure direct access to all validators through which customers can place their tokens on the exchange’s secure cold storage environment.

Investors are given the autonomy to adapt their validator strategy based on performance in order to maximize returns. If selected validators do not perform as well as they should, customers can choose nodes with better performance.

Athena Yu, VP of Binance Custody, emphasized the importance of creating innovative, security-first products that give customers the opportunity to earn assets, rather than just putting them in cold storage. Binance Custody customers can now choose one of these strategies, or both.

Binance Custody’s segregated account and wallet systems ensure that customer assets deposited in the platform’s cold wallets are never commingled with those of other users.

What is known about Injective? It is a cross-chain smart contract platform optimized for decentralized finance (DeFi) applications.

On November 15, Binance invested $4 million in Ultimate Champions to support innovations in the field of Web 3.0 gaming. On the back of this news, the project’s native token, called CHAMP, rose by almost 470%.

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