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BitGo Now Supports Custody and Staking of Tezos’ XTZ
The addition expands BitGo’s proof-of-stake offerings, first unveiled last October.
BitGo has added custodial and staking services for the Tezos blockchain’s native token, XTZ.
STORY CONTINUES BELOW
- Investors who store their XTZ with BitGo will earn an annual staking return of around 6% across BitGo’s hot and cold wallets, the custodial firm told CoinDesk on Thursday.
- Cryptos native to proof-of-stake consensus blockchains generate returns for their holders as a reward for them lending their personal computing power (or that of a delegated validator, such as BitGo Trust) toward securing the network.
- Upon entering the staking space in October 2019, BitGo added support for proof-of-stake tokens dash and algo. XTZ’s market cap of around $2.4 billion at press time dwarfs those tokens.
- BitGo intends to add custodial support for Tezos blockchain-based tokens in the coming months, the firm said.
Also read: Coinbase Custody to Support Secure Cardano Staking This Year
Danny Nelson
Danny is CoinDesk's managing editor for Data & Tokens. He formerly ran investigations for the Tufts Daily. At CoinDesk, his beats include (but are not limited to): federal policy, regulation, securities law, exchanges, the Solana ecosystem, smart money doing dumb things, dumb money doing smart things and tungsten cubes. He owns BTC, ETH and SOL tokens, as well as the LinksDAO NFT.
