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Driving Responsible Standards for the Staking Industry

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Binance US joined the Proof of Stake Alliance. Catherine Coley, CEO of Binance US, explained why the company got involved.

(14:14) “One of the things we saw, not only just allowing access to trading, allowing people to buy and sell cryptocurrencies, was the ability for folks to begin staking, or having a say in the governance in order to earn staking rewards for certain coins. And so Binance US began staking for three coins: ALGO, ATOM and Tezos. One of the important things in order to be continuing the health and development of the staking industry was to take part in Proof of Stake Alliance, which brings together the industry’s best players, from Bison Trails, Coinbase Custody, Tezos, Kava, you’ve got a good selection of folks that are going to be more mindful about how we go forward with A.) regulation or B.) innovation around staking and where we can bring this proof of stake forward.”

Coley further explained that alliance members include lawyers, protocol development teams, investment funds and industry service providers like Binance US. She said the industry group must address the regulatory uncertainty that could limit the growth of POS and the adoption of critical innovation, adding:

(16:20) “We’re working kind of hand in hand, especially with the federal regulators and really hoping to continue to highlight the importance of using staking as a mechanism but also just to ensure the security of various blockchains as well as promote sound governance of these networks.”

She also addressed the opportunities for individual investors using staking, agreeing with Teana that Binance takes an agnostic position when it comes to which consensus algorithm users choose to use.

(20:17) “We can call it agnostic, but I’m definitely pro freedom of choice for our users. So giving them a full array of opportunity to get involved in whether it’s proof of work, whether it’s consensus algorithm, whether it’s proof of stake, those are all among a bunch of other varieties that we allow for the tokens that are listed or the ways to which you can get involved in digital assets through our platform. But in terms of what are the advantages of people being able to stake within a centralized marketplace, it allows them to be able to nimbly move between their strategies of investment that they choose in their own path,” said Coley.

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