The Bitfinex exchange today launched the Staking Reward Program, designed to make users earn crypto by holding funds on one of the world’s most popular trading platforms.
By locking funds on the exchange, Bitfinex users can earn 10% per year by depositing and holding tokens.
This requires keeping funds on a centralized exchange, but according to the exchange’s press release, the custody service is highly secure and ready for any contingency.
“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,” explained Paolo Ardoino, CTO of Bitfinex and Tether.
Moreover, to celebrate the launch of this Staking Rewards Program initiative, Bitfinex has launched a competition to win a t-shirt with the exchange’s logo.
Other recent initiatives of Bitfinex
The team had also recently launched Shimmer, a proprietary surveillance tool to combat market abuse and promote legitimate trading.
Shimmer, in fact, is designed as an app that alerts Bitfinex about events considered to be potentially improper with respect to trading activities on the platform on all pairs, including futures and margin trading.
Moreover, a few weeks ago Bitfinex signed an agreement with the Crypto Hedge Fund Fulgur Alpha to increase liquidity for institutional investors using the trading platform. In the meantime, Tether USDT, Bitfinex’s stablecoin, which is pegged to the US dollar, has also made its way onto the Bitcoin Cash blockchain thanks to SLP tokens.