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10:44 AM
Cryptocurrency stacking feature appeared on Bitfinex

Cryptocurrency stacking service is running on Bitfinex. Exchange customers will be able to make deposits at rates up to 10% per annum in digital assets. The service runs on the PoS algorithm. The marketplace does not charge commissions for the use of services, but takes part of the fee for the stacking.

Stacking is called an alternative method of mining digital coins based on the PoS algorithm. The network member blocks his tokens for the purpose of the validation mechanism, and for that he receives a reward. The amount of the rewards for stacking depends on the amount of assets being blocked - the higher it is, the higher this passive income is.

To improve stacking efficiency, the cryptocurrency community has begun developing collaborative pools that allow participants to collect the stack they need to generate revenue. Stacking platforms already exist on some other marketplaces, including OKEx and Binance.

According to Paolo Arduino, CEO of Bitfinex, the decision to launch the stacking program was made against the background of increasing interest in this type of services. Initially, Staking Rewards will support 3 cryptocurrencies, including EOS, V.Systems and Cosmos. After the 40-day lockout period, Tezos support will be deployed on the platform - this event is scheduled for May 11, 2020.

Paolo Arduino, CEO of Bitfinex
Paolo Arduino. Source: youtube.com
Arduino explained on what principles the starting line of supported coins was selected. Bitfinex is one of the leading validators in the EOS blockchain network. Cosmos and V.Systems are one of the most popular platforms that support stacking.

Bitfinex reports that customers can operate tokens that are on the stack, and they will be able to display them as needed. This will use some of the tokens that the user has. However, the company does not exclude that in some cases users will have to wait for the withdrawal of funds. Waiting will be required if the number of token withdrawals exceeds the amount of coins available outside the stack.

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