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Crypto custodian BitGo has added to its services, beginning with cryptocurrencies and algorand, the company said. Through BitGo Staking, coin holders can earn between 7 and 13 percent annual returns.

A consensus mechanism first promoted by ethereum co-founder Vitalik Buterin, consensus mechanism Proof-of-Stake (PoS) rewards holders with percent yields of a coin, depending on the length and amount held.

Promoted as a more energy-efficient alternative to Proof-of-Work (PoW) – the consensus mechanism behind bitcoin – exchanges and custodians have slowly added staking rewards for PoS coins throughout the year. In March, Coinbase’s custodial arm began offering staking with annual returns of around 6.6 percent.

BitGo said dash and algorand will earn staking rewards while in remaining in cold storage.

“In order to be a great custodian, we need to provide our clients with the ability to use their assets in custody,” BitGo CTO Ben Chan said in a statement. “Staking provides our clients with returns on their investments without ever moving their assets out of custody.”

As part of the initiative, BitGo staking infrastructure firm Hedge. Through Hedge’s assets, such as its hardware modules (HSMs) often used instead of cold wallet solutions, clients can select BitGo’s platform or choose a provider of their own.

Stake image via Shutterstock



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