Tuesday, September 27, 2022

Mexican Exchange Bitso Rolls Out Yield Feature For Bitcoin and Stablecoins

Popular Mexican crypto exchange, Bitso may have announced a new feature it calls the Bitso+. According to the announcement, users of the platform may now earn rewards for simply holding digital assets (Bitcoin and stablecoins in this case).

Users To See 15% Annual Profits — Bitso

Arguably one of the biggest crypto exchanges in the whole of Latin America region, Bitso boasts of a customer base of more than 4 million people. And with its new feature, Bitso’s entire user base may now enjoy annual profits of around 15% on USD stablecoins. But that’s not all. Furthermore, the feature will also allow users to enjoy yields of around 6%, even on Bitcoin.

Meanwhile, the exchange hasn’t yet shared details of how it intends to facilitate these yields. However, it mentioned that users will only be required to protect their BTC in their wallets, in order to be eligible.

Interestingly, withdrawals will come at no extra cost. According to Bitso, users can carry out withdrawals on whatever cryptocurrency they are earning yield from. And this will come without any extra hassles or fees incurred. Quite remarkable one might say though, especially considering how users must first “lockup” their assets for a specified period of time if they are to earn yields on other exchanges.

Alternative Wealth Creation Scheme

Truly, the entire globe is currently experiencing high inflation, but the Bitso+ feature may have offered Latin Americans a lifeline. While Bitso hopes to help users gain massive profits with the new feature, it seems to want to achieve more. In fact, from all indications, the exchange also hopes to use the feature, to drive crypto adoption.

Meanwhile, as noted by CEO and co-founder of Bitso Daniel Vogel, this is all a new way for its customers to increase their crypto holdings. But apart from helping users to increase their crypto wealth, Vogel also mentioned helping them to use crypto, rightfully. So, with this, he hopes that, as the users get increasingly better, especially with understanding how the yields work, they’ll ultimately be inclined as well, towards crypto.

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