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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.
By Danny Nelson
Updated May 9, 2023, 3:10 a.m. Published Jul 23, 2020, 1:00 p.m.
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BitGo has added custodial and staking services for the Tezos blockchain’s native token, XTZ.
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- 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
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