Digital asset trading platform, Bitfinex, has announced the launch of its staking rewards program for various digital assets. This would invariably enable its users to earn rewards by holding funds on the exchange wallet.
Bitfinex announced the program launch in an official blog post, following it up with a tweet.
Start earning a staking reward on Bitfinex!
From today you can earn a staking reward as high as 10% per year by simply holding your digital tokens on Bitfinex.
Discover all the details on ⬇️https://t.co/4Q3ZKPoch0 pic.twitter.com/7I1r9tsCBG
— Bitfinex (@bitfinex) April 7, 2020
The tokens initially available for staking rewards on the platform are EOS, Cosmos (ATOM), and v.systems (VSYS). Users who opt to stake their digital assets as part of this program will have their tokens held safely thanks to Bitfinex’s secure in-house custody solution.
Notably, to celebrate the launch of the program, the exchange is also offering participants the opportunity to win a branded Bitfinex T-shirt through a contest.
(s)Take a Bitfinex T-shirt!
You have time until Monday, April 13 2020, to enter the official Bitfinex contest and get the chance to get the coolest Bitfinex T-shirt.
Visit https://t.co/Fg46f6SyGu and discover how to get your t-shirt! pic.twitter.com/6VZ1k2SY8Q
— Bitfinex (@bitfinex) April 7, 2020
Program in response to users’ demand
Paolo Ardoino, CTO at Bitfinex explained what had led to the launch of the staking rewards program.
“Our customers asked for staking feature, and we recognize that this is an important feature to have to enhance returns for our customers. We’re committed to engaging our existing users and the broader community with new products and innovations. The Bitfinex Staking Rewards Program provides our users with another avenue to increase their holdings on our platform,” he said.
Ardoino further added that more tokens for staking would become available in the coming months, with Tezos (XTZ) staking slated to launch in May.
The Bitfinex CEO also mentioned that they would soon come out with new features like peer-to-peer margin trading and lending as well as derivatives.
Speaking about the trading platform performance, he said, “When bitcoin crashed, Bitfinex was one of the very few exchanges that did not suffer performance or infrastructure issues or huge spreads. The fact that liquidity is deep enables Bitfinex to contain the big market swings. When the market moves like this, the volume on other platforms doesn’t reflect in healthy liquidity in markets.”
Bitfinex endeavors
The digital assets trading platform has been busy lately with the launch of several new initiatives including a master account feature for its institutional clients. Last month it launched its proprietary surveillance tool Shimmer, to address issues of market abuse. And this came soon after it beefed up a liquidity consolidation move by delisting more than 100 crypto pairs from its trading platform. Also, last year it had unveiled a new feature, which allows users to acquire cryptocurrencies via debit and credit cards.
