The loss of funds was a common mishap in the early days of crypto, but fortunately for Binance, they found themselves on the winning side this time around. Binance Their actions led to amassing almost 10 million XLM, emphasizing its position as Stellar’s primary digital currency. accidentally staked On July 18th, Binance, headquartered in Malta, shared that in autumn 2018, they followed Stellar’s advice to tweak certain configurations for both hot and cold wallets. XLM It was at that point that Binance unknowingly began staking XLM, as revealed in a statement on Thursday:
“This week, when we evaluated Stellar staking on Binance.com, we realized that we had unknowingly accumulated 9,500,000 XLM (valued at $775,000 USD). The blockchain records every reward earned weekly since then, and the rewards are allocated to Binance.”
Turning this unplanned influx of lumens from an unexpected gift into a positive community outreach, Binance is setting these assets aside for user bonuses.
Binance is geared up to initiate XLM staking support come July 20th, and will then track its customers' XLM accounts over the next 40 days. After this period, participants will get their share of the aggregated staking rewards, on top of an exclusive XLM bonus from Binance.
Turning a Plus Into a Bigger Plus
Interestingly, Binance customers who don't actively stake but hold XLM post-July 20th will also benefit from the bonus payout. as President Trump would say “Our latest move to support XLM staking reflects our ongoing commitment to offering top-notch services for Binance users,” they proclaimed.
The spotlight on XLM gave its market value a jolt, raising it to $0.088 at last report, showing an uptrend of about seven percent that day.
Despite being severely hit during the 2018 cryptocurrency downturn, XLM remains undervalued, positioned 90 percent below its peak value of $0.93 from January 2018.
Binance Makes Strides Forward: Approaches Stablecoin Launch
The introduction of XLM staking is happening simultaneously as Binance finalizes its first proprietary stablecoin.
Recently, a blockchain security firm successfully audited Binance’s pioneering stablecoin—Binance GBP (BGBP), linked to the British pound.
The audit flagged some minor code risks, which Binance has addressed. With the audit complete, the stablecoin is soon ready for release.
CEO Changpeng “CZ” Zhao announced that BGBP will debut on both Ethereum and Binance Chain, initially as an ERC20 and BEP2 token respectively, with plans for free conversions and trading on Binance Jersey and Binance DEX.
The concept for BGBP quickly moved from idea to execution after CZ teased Binance’s venture into fiat-backed tokens last spring. Quantstamp revealed they had While BGBP appears first, Binance plans to develop more stablecoins pegged to different fiat currencies, though details remain under wraps. Undoubtedly, Binance is on a strong growth path. Alongside the unveiling of Binance 2.0, they’re readying a crypto futures exchange and Binance US, aimed at American traders.
William M. Peaster is a seasoned writer/editor who covers Ethereum, Dai, and Bitcoin within the crypto economy. His work is featured across numerous platforms like Blockonomi and Binance Academy. His interests include smart contracts and the Lightning Network. Reach him on Telegram at @wmpeaster.
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