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Bitmipay prepares to launch Ethereum 2.0 collaborative Staking Service

Bitmipay prepares to launch Ethereum 2.0 collaborative Staking Service


Bitmipay has opened a waiting list for users wishing to participate in Ethereum 2.0 staking. Clients will be able to deposit any amount of ETH as part of joint staking.

According to the press release, Bitmipay customers can now sign up for a waiting list to deposit their ETH into the Beacon Chain smart contract, the first phase of Ethereum 2.0. Staking in Ethereum 2.0 is blocking ETH in a smart contract to participate in the network as a validator and receive a reward for confirming blocks. To become an Ethereum 2.0 validator, you need to block at least 32 ETH for staking. However, Bitmipay will launch a shared staking service and will allow customers to deposit any amount of ETH through their exchange account. Bitmipay Senior Product Manager Alex Kenson said Bitmipay users will be able to earn up to 7.5% per annum on staked ETH.


According to Kau, in exchange for the service, Bitmipay “takes a commission on all rewards received, and the interest rate for customers includes that commission.” According to the Bitmipay User Agreement, staking fees are 25% of the rewards received. In addition, Bitmipay users will be able to stake Algorand, Cosmos and Tezos.