International Exchange Binance launched a cryptocurrency earning service for children aged six to 17.
Now adult users of the trading platform can open sub-accounts for their minor offspring called Binance Junior. Parents are encouraged to top up these accounts and lock cryptocurrency in exchange for a reward, allowing their children to earn passive income. However, parents will retain control of the sub-accounts until their children turn 18.
To use the new service, you need to:
- Download the mobile app Binance Junior;
- Launch the program and scan the QR code generated in a regular application for linking accounts.
Children with access to Binance Junior users will not be able to withdraw cryptocurrency from the exchange or trade digital assets. They are only allowed to send coins to their parents or other account holders. Binance Junior accounts can be used for up to $400 per day. Each account can have up to five sub-accounts linked to it.
Research shows that using savings accounts at an early age instills positive financial habits and literacy in children. Unlike one-time transfers or gifts, Binance Junior gives parents control over how they use savings accounts and digital assets, allowing them to invest in their children’s financial future, the exchange said.