Bithumb US the popular US cryptocurrency trading platform of the world’s second largest exchange as per the daily trading volume is going to launch staking rewards in February month. As per the announcement published on Bithumb US on january 29 has made staking rewards is going to be available for Algorand (ALGO) and COSMOS (ATOM) from the next month.
Exchange to provide more staking support for more coins
In addition to it, the exchange has made plans to add more Proof-of-stake (PoS) coins on the later stage. This announcement given by exchange itself explains that it is the easiest way to access stalking ‘permitting more audience to get rewards for contributing to the network by serving netwrok secuirty, reducing validation costs. Also, Bithumb US talks that it is going to be the first United States marketplace where there will be an offer for staking rewards for users who have ATOM and ALGO holdings.
Catherine Coley, the CEO of firm said that Staking is one of the innovative ways to attract new people into the digital asset marketplace. Moreover this is another step towards gaining goal of financial inclusion for the more people. For more information related to Bithumb exchange, you can always call on Bithumb helpline number which is functional and the team is ready to assist you at every step. You can always reach the team at the time of need and rectify all your troubles immediately. They are always avaialble to listen to your worries so you don’t have to worry about anything as they are going to help you out at every step.
Is Staking centralization?
This announcement is followed by the introduction of a dedicated staking platform given by the exchange’s principal cryptocurrency trading platform in September 2019. This is executed on PoS-based blockchains that is going to permit the network’s nodes to validate blocks by porviding cryptocurrency as collateral. In case of Bitcoin (BTC), there is a requirement of around 51% processing power and in PoS blockchain there is a demand of a 51% attack to the attacker in order to carry number of coins that they are attacking. As reported on Cointelegraph, Bitcoin Gold’s (BTG) blockchain has suffered a 51% attack that results in over $70,000 which is worth of BTG being double-spent. Call on Bithumb support number which is always active and the team is ready to support you at every step so that every single error can be rectify immediately. You can contact them at the need of the hour and deal with all worries instantly.
This step is considered as staking-as-a-service that invited little criticism from the community of cryptocurrency. The founding partner of blockchain-based investment company Primitive Ventures, Dovey Wan has talked about this at the time of announcement. He said that the reason of RIP for all StakingaaS Exchanges is going to eat it as well as custodial wallets. Even, PoW pool is going to eat and then the rest can be taken as a race to the bade business.