Bitso exchange launched Bitcoin and stablecoin yield feature and users can earn rewards for holding the said assets so let’s read more about it in our latest cryptocurrency exchange.
The Bitso exchange launched Bitcoin and stablecoin yield feature for the customers that seek to earn yields on digital assets. The Mexico City-based exchange serves Latin America and with over 4 million users is one of the biggest in the region and allows clients to gain up to 15% annually on the USD stablecoins. The stablecoin is a cryptocurrency designed to be more stable than BTC, ETH, or any other digital assets whcih can have quite strong price swings.
Users will be able to earn a yield of up to 6% on BTC and the exchange is noted withut providing details of how that will work. It said that users will need to hold BTC in the wallet. The CEO of the exchange Daniel Vogel said in a statement:
“Inflation continues to rise globally and especially in Latin America, and with this new feature we are giving our clients and the Latin American population as a whole a new way to increase their wealth in crypto.”
Bitso added that the users will be able to withdraw the crypto they are earning yield on with no extra fees or lockups. On other exchanges such as Coinbase, the users have to specifically lock up their assets for the agreed period of time to earn the rewards. Parts of Latin America were quite devastated by inflation especially during the pandemic:
“We are giving our customers an alternative way of gaining yields, and we hope this new product can also help more and more Latin Americans get closer to crypto, understand the benefits and start using it right away.”
As earlier reported, Ripple and Coinbase will try to win the Latin American market with the help of one of the most popular crypto exchanges in Mexico-Bitso. Bitso remained silent on the amount that was raised in the round but the chief executive officer Daniel Vogel stated that this action will be used to help the exchange expand its operations in key Latin American countries such as Brazil and Argentina.
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