Crypto Exchange Bitfinex Now Offers Staking on EOS, VSYS, and ATOM; XTZ Coming Soon

One of the largest crypto exchanges, Bitfinex, is ready to begin offering staking services to their customers as a result of high consumer demand for it.

The announcement was made on April 3 and says the staking rewards offered by Bitfinex will be up to 10% per year on crypto assets that use the Proof-of-Stake (PoS) algorithm. Here’s what Paolo Ardoino, the exchange’s CTO, had to comment about the news:

“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.”

Customer Demand for Staking Has Been High

Ardoino also mentioned that the exchange’s customers asked in very high numbers for staking, the service that allows traders to make passive income on the crypto assets they hold with Bitfinex. Staking here will support 3 cryptocurrencies: Cosmos (ATOM), V-Systems (VSYS) and EOS. It was specified that more stackable tokens are going to be added in the following months and that Tezos (XTZ) will launch in May.

Furthermore, Ardoino talked about the launch of P2P margin trading or lending-related products and derivatives sometimes soon. The promotion of the new staking service includes a competition in which Bitfinex branded apparel can be won.

Passive Income Options Are Now Everywhere

Crypto exchanges are in a fierce competition when it comes to offering their customers opportunities to generate passive income on the crypto assets they’re holding. Back in March, OKEx consolidated its Earn interface for staking, lending and term-deposit services, offering passive income streams for up to 32 crypto assets. OKEx’s director of financial markets, Lennix Lai, said that traditional banking could never offer the opportunity of staking when it comes to generating passive income.

Crypto.com launched on March 23 the Crypto Earn service that offers returns of as much as 12% per year on its platform’s deposited TrustToken stablecoins. Crypto.com’s CMO Sean Rach said the more products that help customers generate passive income with crypto are created, the more the crypto industry gets a chance to compete fairly with banks and traditional banking models.

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Oana Ularu
Oana Ularu
Curious about what’s going on with all the money in the world, Oana is bringing you the latest news in the crypto world. She’s aware of the fact that you need to know everything that’s happening on the financial scene in order to play the cryptocurrency market, so you can count on her to share with you every little detail on what matters.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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