Digital asset exchange Bitfinex announced on Thursday it is teaming up with cryptocurrency reward-earning platform Celsius Network to offer its customers easy access to Celsius’ rates for earning rewards on crypto holdings. The duo notably aims to “empower” the crypto community to stabilized the market by earning passive income by holding on to their coins.
“Bitfinex and Celsius have built an integration that will allow Bitfinex customers to create a wallet with Celsius and manage it through the Bitfinex platform. Through their Celsius account, customers will be able to earn a return of up to 6.2% APY on Bitcoin, while holders of Ethereum will earn a rate of up to 9.65%.”
Speaking about the collaboration, Paolo Ardoino, CTO at Bitfinex, stated:
“We expect this offering to appeal to customers that have bought Bitcoin as a long-term store of value, and who also want to earn on their assets while they hold. Our collaboration with Celsius forms part of our mission to empower individuals and let them take control of their finances.”
Alex Mashinsky, CEO of Celsius, further commented:
“Our integration with Bitfinex extends the mission and focus of both companies to bring the next 100 million people into the crypto community and do it while we do good before we all do well. Celsius’s commitment to reward our users with 80% of the value we create is now available to all Bitfinex customers.”
Bitfinex added that its users who open a Celsius wallet are free to withdraw their crypto from Celsius at any time, with no lock-in periods and no fees on deposits or withdrawals.