Crypto storage platform BitGo recently added staking services for two digital currencies on its platform. These currencies are Algorand and Dash, and with this addition, token holders would be able to earn about 7%-13% of annual returns.
The CTO of BitGo, Ben Chan, said that it is important to help the clients with the ability to use the assets in custody for better investments. Staking helps the clients by getting returns on the investments they make without even moving the assets. This new service was added as they acquired Hedge, a startup that is working in the direction of scalable and programmatic deployment of staking infrastructure.
The company has integrated Hedge’s processes in the platform along with the use of hardware security modules (HSMs) and secure cryptographic enclaves. Proof of stake is getting more attention than Proof of Work as this mechanism gives rewards to token holders with a percentage of yields. Ethereum is moving in the direction of this new mechanism, while significant exchanges like Coinbase and Binance have launched staking services for many digital assets.
The COO of Algorand, W. Dean Ford, said that this partnership with BitGo would help the Algorand ecosystem to grow and provide people with more opportunities to participate in it the digital currency. CEO of Dash, Ryan Taylor, believes that this support in BitGo Staking will give ways to help add more value to Dash in a safe, secure environment.