Binance introduces WBETH token for the ETH Staking service
Binance introduces WBETH token for the ETH Staking service
Cryptocurrency exchange Binance announced that it has renamed ETH 2.0 Staking to ETH Staking and introduced the Wrapped Beacon ETH (WBETH) token to its users.
The WBETH token will allow users to be rewarded for staking ETH on the Binance platform by participating in DeFi projects outside of the exchange.
According to information posted on Binance's website, the exchange will launch a 1:1 exchange of the synthetic asset BETH for WBETH on April 27. At the same time, the exchange ratio may change in the future, as it directly depends on the value of WBETH.
Starting April 28th, the BETH/WBETH conversion ratio will be updated daily at 00:00 UTC.
Binance would like to remind its clients that the exchange process is optional and they are not required to keep BETH in their spot wallets in order to receive BETH rewards.
As previously reported, the cryptocurrency exchange launched withdrawals from Ethereum stacks on April 19.
Founded in 2017, Binance is one of the largest platforms in terms of daily turnover and number of active clients.
