Bitfinex Adds Staking Rewards Capability to Crypto Exchange

Bitfinex Adds Staking Rewards Capability to Crypto Exchange

Bitfinex, the 35th cryptocurrency exchange by trading volume today announced staking rewards capability. With the new program, users can earn rewards for holding certain coins and tokens.

According to the press released sent to CryptoZink, participants may earn a maximum of 10% interest per year for holding. Launched by Giancarlo Devasini and Raphael Nicolle in 2012, Bitfinex digital exchange is located in the British Virgin Islands.

How will Bitfinex stores staked tokens or coins?

The firm has designed an ‘in-house custody solution’ to securely store staked coins or cryptoassets held on the exchange. Furthermore, the release stated that tokens will not be moved to hard wallet. Rather, they will remain on the digital platform.

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Bitfinex’s CEO, Paolo Ardoino said:

“We’re committed to engaging our existing users and the wider community with new products and innovations.”

Ardoino continued:

“The Bitfinex Staking Rewards Program provides our users with another avenue to increase their holdings on our platform.”

Which coins / tokens available for staking on Bitfinex?

At the time of this writing, users can stake the following cryptoassets on Bitfinex crypto exchange: EOS, Cosmos (ATOM), (VSYS), and Tezos (XTZ)

Other newly launched programs

A couple of weeks ago, Bitfinex announced Shimmer – “a proprietary market surveillance tool to combat market abuse on the platform.”

Ardoino had this to say about the new tool:

“Comprehensive market and trade surveillance capabilities are integral to operating a leading cryptocurrency exchange. […] Bitfinex has chosen to develop its own state-of-the-art surveillance system. This will help to assure that potentially manipulative practices are rooted out and suspicious behaviour detected.”

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