Bitfinex exchange introduces cryptocurrency staking

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Posted on: April 7, 2020 9:49 pm EDT

Investors could earn a return of up to 10% a year

Cryptocurrency staking services are becoming more popular in the industry and, in response to its customers’ demands, the Bitfinex cryptocurrency exchange will be introducing its own staking service. The new service was announced by the company this past April 3, and offers up to 10% per year on crypto assets which will be unpinned by a Proof-of-Stake algorithm. “We’re committed to engaging our existing users and the wider community with new products and innovations,” said Bitfinex’s CTO, Paolo Ardoino. “The Bitfinex Staking Rewards Program provides our users with another avenue to increase their holdings on our platform.”

According to Ardoino, Bitfinex’s clients have been asking for staking services for three cryptocurrencies, EOS, V-Systems (VSYS) and Cosmos (ATOM). Bitfinex CTO confirmed that even more stackable tokens will be added into the platform in future months – the first one being Tezos (XTZ) staking, scheduled for its launch in May. Ardoino also added that the exchange would be launching new products “related to P2P margin trading and lending” which will include other derivatives. On top of that, Bitfinex is launching a new strategy to attract customers to take make an investment in these services by offering a competition format in which the participants could be getting Bitfinex apparel.

The scope of services offered by big cryptocurrency exchanges is expanding. The newest trend has been offering customers the possibility of generating an extra income. Customer allowing big exchanges to hold and use their assets will generate a very attractive annual income. OKEx consolidated started late last month a lending, staking and term-deposit services under an umbrella “Earn” interface, offering passive income streams for 32 different crypto assets.