Leading cryptocurrency exchange Binance has unveiled a new product for farming crypto-assets.
According to a press release, Binance has announced the release of Launchpool, a “secure way to farm new assets.” The new product will allow users to acquire token rewards and generate interest in exchange for staking BNB, BUSD, and other coins on the platform.
The release claims the first project to be hosted on Launchpool will be Bella Protocol (BEL), a decentralized finance (DeFi) product designed to simplify the process of maximizing yield returns. The project previously made headlines after raising $4 million in a seed funding round by Arrington XRP Capital.
Users will have the opportunity to stake tokens in three separate pools in order to earn profits on their contributed liquidity, known as yield farming, over a thirty day period beginning September 9. Binance also announced that BEL will be listed on the exchange for trading beginning September 16, with several base pairs including BTC, BNB and USDT.
Binance’s announcement of Launchpool follows on the heels of its recent mainnet launch, which gives users access to BNB staking and smart-contract enabled blockchain features.
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