Introducing Binance Simple Earn

Binance has introduced Simple Earn after merging both Binance Savings and Binance Staking to simplify users’ subscription experience on their idle assets.

With Simple Earn, users will be able to earn daily rewards for flexible and locked terms. It will also allow users to access various options on a one-stop platform depending upon what suits them the best. The world’s largest cryptocurrency exchange has made it clear that despite the merger, all users’ assets are secure and their existing positions will remain as they were.

Additionally, the rewards calculation and distribution mechanism will also work in the same manner as it did on Binance Savings and Binance Staking. The purpose of the merger is not to introduce new investment products but to organize the existing ones. Therefore, existing subscriptions are not affected by this transition.

Flexible and Locked Products

After the announcement of the merger, Binance has rebranded products on Flexible Savings as Flexible Products, whereas Locked Savings and Locked Staking products are now rebranded as Locked Products.

Flexible Products can be subscribed to and later redeemed at any given moment giving investors flexibility and freedom on their assets while earning daily rewards. On the other hand, Locked Products provide higher returns. However, the user has to commit their funds for a fixed duration. They do have the option to redeem their assets at any time, but their rewards will be deducted. This redemption takes about 48 to 72 hours.

The aim of the merger is for users to be able to choose their desired investment terms more easily on a single platform which is now more streamlined and easier to use. This should save users’ time and improve their investment experience.

Furthermore, as the user base of Binance is growing and the exchange is getting licensed to operate in new countries, it is vital to make sure its app is easy to navigate and use. With such initiatives, Binance will become more user-friendly.