Crypto derivatives exchange BitFines launches staking service with up to 10% interest

Crypto exchange giant Bitfinex has launched a staking program to reward its clients for holding digital currencies on the platform. Traders on the exchange can earn up to 10 percent of annual interest on proof-of-stake tokens.

Crypto exchange BitFinex announced on Tuesday that the traders on the platform could receive up to 10 percent of annual interest on some tokens. The crypto exchange has added three digital currencies, namely Cosmos, V.Systems (VSYS), and EOS, for staking and will also add Tezos in the offering on May 11.

 

BitFinex plans to add Algorand and Tron for staking services in the future

The crypto exchange revealed that it has plans to add Algorand (ALGO) and Tron (TRX) for staking services in the near future. The annual interest between 8 to 10 percent can only be earned for V.Systems, and the yearly reward for Atom and EOS, rates are 1.5 to 3 percent and 0.to 3 percent, respectively. In comparison, Tezos holders can receive between 3 to 5 percent in interest annually.

 

Staking rewards will be distributed every week

The crypto exchange giant stated that every single week they would pay out the rewards they collect to the users based on a calculation of time and amount of digital tokens held by the user during the week. BitFinex also detailed that the cryptocurrencies will be stored in its in-house custody solution. The announcement further noted that when the exchange takes a digital token, it is approved by the exchange, meaning that the coins remain in the platform’s control and are secured in the same manner as other tokens. Binance had added staking services for 15 digital currencies last year.

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Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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