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Bitfinex launches staking after investor’s demand

By Inkarias - 2020-04-08

Recently, the well-known and major cryptocurrency exchange Bitfinex has become the latest exchange to offer staking services to customers. Following the implementations made by competitors such as Binance, Kucoin or even Crypto.com , Bitfinex announced on April 3 that it will offer staking rewards up to 10% per annum on crypto assets underpinned by a Proof-of-Stake algorithm directly. As the CTO of Bitfinex, Paolo Ardoino shared:

"We're committed to engaging our existing users and the wider community with new products and innovations. The Bitfinex Staking Rewards Program provides our users with another avenue to increase their holdings on our platform."

An upcoming solution for passive income

Ardoino stated earlier that Bitfinex’s clients asked for staking to be introduced as soon as possible, noting that staking allows traders to generate passive income by holding crypto assets on the exchange. With the important flows of operations and traders on the platform, Bitfinex has a huge interest in following the competitor’s path to implement this new staking solution for passive income. In order to reach that objective, Bitfinex will launch staking with support for three cryptocurrencies at start: EOS, V-Systems (VSYS), and Cosmos (ATOM). The exchange’s CTO precised that more stackable tokens will be added in the coming months with Tezos (XTZ) staking currently slated to launch in May. The plan set by the core team is to offer a wide variety of asset while deploying the staking solution in a safe and secure way to guarantee traders and investors experience.

Ardoino also revealed that Bitfinex will be launching new products related to P2P margin trading and lending and derivatives in the near future. Finally, to promote its staking service to the whole crypto community, Bitfinex is offering a competition in which participants can win a branded Bitfinex apparel. More details about this upcoming competition will be shared by Bitfinex in the next days.

All the information regarding the new staking solution can be found at https://www.bitfinex.com/