Bitfinex brings staking rewards for multiple assets

Bitfinex brings staking rewards for multiple assets

  • Ali Raza
  • 7th April, 12:09
  • Crypto exchange Bitfinex recently announced that it enabled crypto staking.
  • The exchange's users can now lock up their coins and earn yearly yields between 1.5% and 10%.
  • The supported coins include EOS, Atom, and VSYS, with XTZ and others soon to follow.

Bitfinex has just revealed a new Staking Rewards Program, that will include several digital assets. According to the recent announcement, its customers will have the ability to earn as much as 10% on a yearly basis. All they need to do is deposit some of the selected coins, including EOS, Atom, or VSYS.

Bitfinex enables earning profits on dormant coins

There are many different ways to earns in the world of crypto, including investing, trading, lending, and more. However, staking seems to have become one of the most popular methods lately. This is not surprising, as it provides a passive income that users can earn by using their extra coins, that would otherwise sit dormant.

With the popularity of staking skyrocketing, many crypto businesses have decided to add it to their platforms. Now, Bitfinex joined their ranks, as well. According to a recent press release, the company will allow users to lock up their tokens and start earning rewards. As mentioned, the list of supported tokens is pretty short, although it might expand in the future.

Paolo Ardoino, the exchange’s CEO, stated that one of the coins that will join the list in the near future is Tezos (XTZ). He mentioned that it will arrive in May, at the latest. However, even this will only be the beginning. He also added that “Eventually, users will be able to stake every token that we offer at Bitfinex.”

Why did Bitfinex go for these coins?

Confirming the 10% yearly yield, Ardoino also noted that the figure is possible for VSYS only. As for the other coins, he noted that the yields should sit between 1.5% and 8% per year.

As for why the exchange selected these coins, he noted that Bitfinex is among the key EOS block producers. The two others are there because they are the two most popular staking-enabled blockchains in the industry.

Lastly, the exchange’s announcement said that the staked coins will be controlled and secured by Bitfinex. In that regard, they will not differ from any other cryptocurrency in the exchange’s care.

By Ali Raza
A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications. Raza is the co-founder of 5Gist.com, too, a site dedicated to educating people on 5G technology.

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