BitGo enters into staking space, offering up to 13% annual returns

Custody • October 3, 2019, 9:50AM EDT
The Block

Cryptocurrency custodian BitGo has ventured into the staking space, supporting two tokens initially - Dash (DASH) and Algorand (ALGO).

The new service means BitGo’s clients can now stake the two tokens and earn passive income in the range of 7-13% p.a., according to a press release shared with The Block on Thursday.

THE SCOOP

Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

“Staking provides our clients with returns on their investments without ever moving their assets out of custody,” said Ben Chan, chief technology officer of BitGo.

The firm has also acquired staking infrastructure startup Hedge. BitGo said it has integrated Hedge’s automated secure deployments, hardware security modules (HSMs) and secure cryptographic enclaves, to its staking platform.

The acquisition will help BitGo deliver “an automated, end-to-end” staking service, said Chan.

Last month, cryptocurrency exchange Binance also launched its staking platform with the support of eight coins, including ALGO.  It recently added support for TRON token as well for the platform. 

About Author

Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.

More by Yogita Khatri