Crypto exchange Bitfinex to get Polygon funds to support staking rewards

Cryptocurrency exchange Bitfinex says it will receive 90M Polygon (MATIC-USD) tokens ($189M) from Polygon to sponsor staking rewards for Bitfinex users, according to the company's blog post. Note that the process of staking ultimately verifies transactions on a blockchain and secures the network. Bitfinex expects users to get up to 41% in annualized staking rewards by participating in its staking program. However, the enhanced staking reward is available for a limited time. Meanwhile, Binance's staking rewards for Polygon (MATIC-USD) are about 13%, according to Staking Rewards. Polygon (MATIC-USD) coins are off roughly 2% intra-day and 11% in the past week. Previously, (Oct. 15, 2021) Bitfinex was ordered to pay a $1.5M fine.