Thanks to a collaboration with Celsius Network, Bitfinex now offers passive revenues to hodlers of many cryptoskills, including Bitcoin (BTC) with an annual rate of 6.2%.
The addition of this offer is the result of a collaboration between Bitfinex and Celsius Network, a cryptomoney lending and borrowing platform.
From now on, Bitfinex users can open a wallet with Celsius and manage it directly from the exchange.
As a result, any Bitfinex customer can now generate passive income on a wide range of encryption products, taking advantage of the annual interest rates provided by Celsius Network.
According to the Bitfinex press release, the annual interest rate offered to Bitcoin hodlers (BTC) will be up to 6.2%, and that of Ether (ETH) up to 9.65%. The other supported cryptosystems are the following, most of which are stablecoins :
- Tether (USDT)
- Tether Gold (XAUT)
- True USD (TUSD)
- Gemini Dollar (GUSD)
- USD Corner (USDC)
- OMG Network (OMG)
- 0x (ZRX)
- Basic Attention Token (BAT)
Moreover, this feature is not blocking for the user, as his cryptomoney can be removed at any time from his Celsius wallet, at no cost. Rewards are accumulated daily and paid out at weekly intervals.
The only downside to this feature is that it is only available to those who have passed an identity verification process (KYC).
Commenting on the addition of this new offering, Bitfinex Chief Technology Officer Paolo Ardoino said :
„We hope this offer will be of interest to customers who have purchased Bitcoin as a long-term store of value, and who also want to earn on their assets while they hold them. »
Is Bitfinex (re)becoming competitive?
In addition to lending, Bitfinex already offered many staking possibilities to its users, and this since last June.
In particular, Bitfinex supports staking for Tron (TRX), EOS, Cardano (ADA), Cosmos (ATOM), Algorand (ALGO) and V.Systems (VSYS). However, the rewards for users are for the most part lower than for lending.
Although it is possible to pass directly from Celsius Network without the intermediary of Bitfinex, this gives users the possibility to generate passive rewards and exchange their cryptomoney on a single platform.
„Our integration with Bitfinex extends the mission and goal of both companies to bring the next 100 million people into the crypto-community,“ added Alex Mashinsky, CEO of Celsius.
Discover Celsius Network „
Bitfinex is expected to attract many new users. Indeed, the market leader in the exchange market, Binance, does not offer lending for Bitcoin and Ether, and the annual rates it charges on other cryptomoney products are less attractive than those of Celsius Network.
On the Coinbase side, the American platform recently introduced ATOM staking at an annual rate of 5%, as for XTZ.
The Bitfinex offer is therefore rather interesting for hodlers, even if they generally prefer to store their cryptomoney on their own hardwares wallets.