Bitfinex Announces Staking Services for Cardano (ADA)

Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic
  • Bitfinex, the digital token trading platform on 5th October, announced Cardano’s staking rewards (ADA)
  • Already long list of Bitfinex staking options with the add-on of ADA will provide users with better value for their holdings
  • Cardano is currently facing significant negative momentum, resulting in an overall loss of -2.79%, bringing the CMP to $0.94

Bitfinex, the digital token trading platform on 5th October, announced Cardano’s staking rewards (ADA). Cardano is a decentralized platform that offers a distinct approach for the scaling and securing of a blockchain network. Post the announcement, ADA has joined the long list of the digital assets facilitated by Bitfinex’s staking system. The list includes EOS, Cosmos (ATOM), v.systems (VSYS), and Tezos (XTZ). 

What’s In It for Users?

The above already long list of Bitfinex staking options with the add-on of ADA will provide users with better value for their holdings. They will be able to earn rewards up to 4.3% from depositing and holding ADA tokens. The staked technology for ADA will utilize Bitfinex’s in-house custody solution and be held on the Bitfinex platform. 

Staking tokens over the Bifinex platform is done via exchange delegating the platform. It merely means controlling the tokens remains with the platform similar to what happens with the other tokens.

Paolo Ardoino, CTO Bitfinex said, “Our ADA staking service builds on the success we’ve already had since first launching our staking program.”

Trading giant Bitfinex plans to leverage the position of a one-shop-stop for the crypto trading platform and margin trading services offering up to 5x leverage.  

Affect on Price of ADA from the Announcement

The news of ADA staking on Bitfnex has shown a significant effect on Cardano’s price (ADA). Cardano is currently facing significant negative momentum, resulting in an overall loss of -2.79%, bringing the CMP to $0.94. There has been a substantial increase in the negative scenario’s 24-hour volume, which clearly defines the selling volume’s pressure. The ADA/BTC pair is also performing negatively with an overall loss of -2.78%, bringing the current level to 0.000000887 BTC. 

Source: Coinmarketcap

Recent Staking of Tokens

Bitfinex is the second major trading platform to announce staking services for the Cardano. eToro earlier this week on Thursday announced taking rewards for Cardano (ADA) and Tron (TRX) positions. Users from eToro USA LLC, eToro (UK) Ltd, eToro (Europe) will be able to benefit themselves from this announcement.

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