Bitfinex launches staking rewards for Polkadot

Bitfinex, a state-of-the-art digital tokens trading platform, has launched staking rewards for polkadot (DOT), the native token powering Polkadot, an open-source project enabling interoperability between different blockchains.

DOT joins a suite of tokens available for staking on the Bitfinex platform, that includes cardano (ADA), 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 14 per cent per year by depositing and holding DOT tokens.

“We’re pleased to provide our customers with the opportunity to earn rewards on their DOT assets,” says Paolo Ardoino, CTO at Bitfinex. “Staking provides an accessible and straightforward way for our users to grow their crypto wealth and forms part of our commitment to building an open financial system.”

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.