Bitfinex to support Ethereum 2.0 migration with staking rewards

bitfinex eth 2

Bitfinex is one of largest cryptocurrency exchanges out there, infact, holding the biggest ethereum wallet and this is important to demonstrate early support for Ethereum 2.0.

We believe this will allow users to deposit their old ethereum v1 coins and withdraw the newer POS Ethereum coins.

This also means that cryptocurrency exchanges will be next miners on the Proof-of-Stake (POS) era. A POS chain will be driven mostly by exchanges.

So will all ethereum from v1 be automatically migrated to Ethereum v2 without doing anything? No, and you cannot migrate all the ethereum to v2 until ETH v2 is ready and this will requires many years.

Also, this means Bitfinex will act as a validator for anyone that does not own 32ETH that is minimum requirements if you want to act Ethereum v2 validator yourself. In other words, you will be able to stake your Ethereum with you not owning 32 ETH.

But if you do own 32 or more ethereum, we suggest running a validator yourself as you will have keys to the coins which is not the case with Bitfinex or any other cryptocurrency exchange that offers staking rewards. Exchange is not accountable if it gets hacked.

 

Related topics

We are a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for us to earn fees by linking to Amazon.com and affiliated sites.