Staking is a way for cryptocurrency users to earn passive income by earning interest in their investments. The popular cryptocurrency exchange Bitfinex launched a staking reward program, according to an announcement today.

The stock market will give you 10 percent annual interest on your crypto assets

The new staking services will allow Bitfinex users to earn up to 10% interest per year by keeping their digital assets on the stock exchange.

The program in question currently only supports EOS, Cosmos (ATOM) and v.systems (VSYS). The stock exchange plans to add Tezos (XTZ) support in May.

Speaking about development, Bitfinex Technology Officer Paolo Ardoino said they are committed to combining the exchange's existing customers and large crypto community with innovative products and features.

The Bitfinex Staking Rewards Program offers our users another way to increase their presence on our platform.

The mentioned tokens will remain under stock market control and will be secured like other cryptocurrencies on the platform. The company guarantees to users that funds will be securely stored on the platform using the secure on-premises retention solution.

Other exchanges joined this caravan: But be careful

Bitfinex is not the first cryptocurrency exchange to launch a reward program. Kraken, Coinbase and leading stock market Binance also recently launched similar staking services that offer users a 5% to 7% annual return.

Although it may seem attractive to earn crypto money in this way, some risks should not be ignored. Unless users trade with funds, it is generally not recommended to store large amounts of crypto money on exchanges. If the relevant exchange is attacked, you may lose some or all of your assets. Exchanges such as Mt Gox and Cryptopia, which went bankrupt after being attacked due to serious security breaches, caused serious losses to their users.