Bitfinex Launches Staking Service with up to 10% Interest
Bitfinex, a major crypto exchange, has launched a staking program to reward its clients for holding digital currencies on the platform.
Announced on Tuesday, traders on the platform can earn up to 10 percent of annual interest on proof-of-stake tokens.
Initially, the crypto exchange has added three digital currencies – Cosmos (Atom), V.Systems (VSYS), and EOS – for staking and will also add Tezos in the offering on May 11.
The platform also has plans to add Algorand (ALGO) and Tron (TRX) for staking services in the future.
The annual interest between 8 to 10 percent can only be earned for V.Systems tokens, while for Atom and EOS, the annual reward rates are 1.5 to 3 percent and 0.to 3 percent respectively. Tezos holders can earn between 3 to 5 percent in interest annually.
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As mentioned in the exchange’s website, staking rewards will be distributed every week.
“Every single week we will pay out the rewards we collect to our users based on a calculation of time and amount of digital tokens held by the user during the week,” Bitfinex stated.
The exchange also detailed that the digital currencies will be stored in its “in-house custody solution.”
“When Bitfinex stakes a digital token, it is delegated by the exchange, meaning that the tokens remain in the platform’s control and are secured in the same manner as other tokens,” the announcement noted.
Staking has gained a lot of hype lately as many major platforms are offering such services, enabling their customers to earn interest on holdings.
Coinbase and Kraken only support staking for Tezos, while Binance last year added staking support for as many as 15 digital currencies. Apart from exchanges, BitGo, a crypto custody platform, is also offering staking services.
Published at Tue, 07 Apr 2020 11:01:49 +0000 Bitfinex Launches Staking Service with up to 10% Interest