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Cryptocurrency Trading Platform Bitfinex Adds Polkadot (DOT) to its Staking Program

The Hong Kong-based cryptocurrency trading exchange Bitfinex has launched staking rewards for the Polkadot blockchain’s native digital token DOT. As per an official announcement made by Bitfinex on October 16, 2020, Polkadot’s DOT token has been added to the staking program of the Bitfinex exchange. It will join ADA, EOS, ATOM, and XTZ which are already available for staking on the platform of Bitfinex.

Users can earn a reward of up to 14 percent per year

The native token of Polkadot is now available to users of Bitfinex for staking. Users of the Bitfinex exchange can stake their DOT tokens and earn rewards annually. The DOT staking will allow them to earn a reward of up to fourteen percent on their holdings each year. The staked DOT tokens will use the in-house custody solution of the cryptocurrency exchange and will be stored on the platform of Bitfinex. The exchange delegates and controls staked digital tokens.

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Paolo Ardoino, the Chief Technical Officer (CTO) at Bitfinex said that they are happy to offer DOT staking while providing users with an opportunity to earn rewards by staking their DOT tokens. He said:

“We’re pleased to provide our customers with the opportunity to earn rewards on their DOT assets. 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.”

A suite of digital assets is already present on the platform of the Bitfinex exchange for staking. These include Cardano’s native cryptocurrency ADA, EOS, the Tezos blockchain’s XTZ token, (VSYS), and the Cosmos blockchain’s native token ATOM.

Bitfinex also announced to add trading support for the decentralized storage network Filecoin’s native token FIL on October 15, 2020. The crypto exchange has already opened deposits, withdrawals, and trading of FIL for users. Bitfinex launched two trading pairs for FIL. One is against the stablecoin Tether (USDT) while the second one is against the fiat currency US Dollar (USDT).

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On the same day, Bitfinex announced to delist twelve trading pairs because of low levels of liquidity. These trading pairs are BTT/BTC, DGB/BTC, RIF/BTC, SNT/BTC, TNB/BTC, WAX/BTC, XVG/BTC, FUN/ETH, DATA/ETH, XLM/GBP, XLM/EUR, and TRX/GBP.

MubaShar Nawaz (United Arab Emirates)

MubaShar Nawaz is an experienced crypto writer working for Tokenhell. Having passion for writing, he covers news articles from blockchain to cryptocurrency.

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