Bitfinex Offers Staking Services, Starts with 3 Tokens

Bitfinex Offers Staking Services, Starts with 3 Tokens

Bitfinex, a crypto exchange owned by iFinex, has offered staking services to customers, according to the Block website.

The company will offer 10 percent annual rewards for depositing and holding proof-of-stake tokens on the exchange.

Paolo Ardoino, Bitfinex CTO, said:

“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.”

“We are supporting EOS, V.Systems, and Cosmos (ATOM) tokens at launch, with Tezos (XTZ) to follow in May and then all stackable tokens in the coming months,” he added.

When asked about the reason for supporting these tokens on debut, the CTO said his company is one of the key EOS block producers, adding that both Cosmos and V.Systems are of the most famous staking enabled blockchains.

Bitfinex’s foray into the staking was due to customer demand, Ardoino said, noting that the all clients, including retail and institutional, can benefit from the service.

Binance offers staking rewards

Bitfinex followed suit of other exchanges in offering staking service such as Coinbase, Binance, and Kraken.

Cryptolydian earlier reported that Binance US will offer staking rewards to users of cryptocurrency platforms Algorand and COSMOS in February.

The exchange plans to add other Proof-of-Stake (PoS) coins. “The easy way to access staking is to allow more people to earn incentives while encouraging network security, reducing authentication costs” for contributing to the network,” the company stated.

Binance claims that it is the first exchange in the US to offer such rewards to ATOM and ALGO.

Coinbase’s XTZ stake reaches $110M

In April 2019, Coinbase Custody started to expand the staking of XTZ, which equates more than $110 million at today’s XTZ price of nearly $1.7.

Coinbase is followed by Kraken and Binance in terms of staking conditions. The three companies together dominate nearly 19 percent of the XTZ market.

Dantoni noted that the launch of the XTZ staking service on the platform was relatively small in the beginning especially when compared with Cryptium Labs, which had been operating in the past nine months.

0 0 vote
Article Rating
Share this page
Notify of
Inline Feedbacks
View all comments
Rabea Maguid 551 Articles
Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.