Bitfinex launches staking rewards for Cardano

Submitted 06/10/2020 - 9:25am

Bitfinex, a digital tokens trading platform, has launched staking rewards for Cardano (ADA), the native token of Cardano, a decentralised platform offering a distinct approach to scaling and securing a blockchain network.

ADA joins a growing portfolio of tokens available for staking on the Bitfinex platform, which includes EOS (EOS), Cosmos (ATOM), v.systems (VSYS) and Tezos (XTZ). 

Designed to provide users with another avenue to increase the value of their holdings, staking will enable Bitfinex customers to earn rewards as high as 4.3 per cent per year by depositing and holding ADA tokens. 

“We’re delighted to announce that Bitfinex customers will now have the opportunity to start staking their ADA assets,” says Paolo Ardoino, CTO at Bitfinex. “Our ADA staking service builds on the success we’ve already had since first launching our staking program.”

The staked digital tokens will be held on the Bitfinex platform, utilising the exchange’s in-house custody solution. When Bitfinex stakes a digital token, it is delegated by the exchange, meaning that the tokens remain in the platform’s control and are in the same manner as other tokens.

Bitfinex is leveraging its position as a one-stop-shop for crypto trading, offering a variety of services, including margin trading with up to 5x leverage.

Tags Cryptocurrency