Crypto Exchange Bitfinex Launches Staking Rewards For Cardano’s ADA Token

Crypto trading platform Bitfinex has announced staking rewards for Cardano’s native token, ADA.

Founded in 2012, Bitfinex offers services for digital token traders and global liquidity providers in addition to a suite of advanced trading features and charting tools. Bitfinex focuses on providing support, tools, and innovation for experienced traders and liquidity providers available in authorized jurisdictions around the world.

Established in 2017, Cardano is an open source decentralized public blockchain developed for smart contracts using a scientific philosophy. Earlier this year, Cardano completed a hard fork that heralded the arrival of staking and delegation, allowing ADA holders to take part in the consensus of the Cardano protocol, and earn rewards for their participation.

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 year by depositing and holding ADA tokens.

According to Bitfinex, the staked digital tokens will be held on the Bitfinex platform, utilizing the exchange’s in-house custody solution. Staked digital token are delegated by the Bitfinex exchange, which means that the tokens remain in the platform’s control and are in the same manner as other tokens.

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