Bitfinex launches staking rewards for Polkadot (DOT)

Digital asset platform Bitfinex has added functionality that will allow users to stake Polkadot tokens (DOT) to earn rewards as high as 14% per year

Cryptocurrency exchange Bitfinex has added staking rewards for Polkadot (DOT) to its platform as it joins the likes of EOS, Cardano and Tezos.

DOT is a native token that powers Polkadot, an open-source project that enables interoperability between different blockchains.

At the time of writing DOT has a market capitalisation of $3.3 billion, making it the eighth largest cryptocurrency by market cap with each token being worth $3.94.

Bitfinex’s staking potential gives users to freedom to create another stream of revenue, with rewards as high as 14% per year for those that deposit and hold DOT tokens on the platform.

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

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Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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