Popular Cryptocurrency Exchange Bitrue Delegates 1 Million ADA Tokens for Staking Supporting Decentralization of Cardano
Bitrue, a popular cryptocurrency exchange, has delegated 1 million Cardano (ADA) tokens to a public stakepool known as 1LOVE stakepool. The main reason for delegating so many ADA tokens to the stakepool is to contribute to the development of the blockchain project and increase decentralization further.
Bitrue was launched in July 2018. It advertised itself as “the most secure and advanced online platform for buying, selling, transferring, and storing digital currencies.” As per a press release, the popular cryptocurrency exchange has decided to delegate 1 million ADA coins to the 1LOVE operated stakepool. This decision has made Bitrue the first-ever crypto exchange in the world “to support the stakepool program at the community level.”
Adam O’Neill, the CMO of the Bitrue cryptocurrency exchange, said:
“Bitrue is a huge proponent of the ADA ecosystem, we listed the coin on our exchange very shortly after the launch after receiving huge amounts of community requests, and we have since ensured that it’s always included in our features, from investment to loans.
We are really excited to be taking this further step of contributing to the community and helping the coin reach its ideal of widespread decentralization.”
The statement issued by the company also said that the crypto exchange could expand this pilot program if it becomes successful. It also said that they could “delegate more coins in the future” if the community responds in a positive manner.
Reports say that the users of the Bitrue exchange could also stake their ADA coins and contribute to the decentralization of ADA the investment product of the exchange called Power Piggy. The users can earn up to 5.3% APR on their investment by staking through Bitrue’s Power Piggy.