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Cryptocurrency exchange Bitso has announced Bitso+, a feature for customers seeking to earn yields on digital assets.
The Mexico City-based exchange, which serves Latin America and with over 4 million users is one of the region’s largest, today said the feature allows clients to gain up to 15% annually on USD stablecoins. A stablecoin is a cryptocurrency designed to be more stable than Bitcoin, Ethereum, or many other digital assets, which can have volatile price swings.
Users also will be able to earn yields of up to 6% on Bitcoin, the exchange said, without providing details of how that would work. It just said that users would need to hold BTC in their wallets.
Daniel Vogel, Bitso’s CEO and co-founder, 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 users will be able to withdraw the cryptocurrency they are earning yield on with “no extra fees, lockups, or set-up hassle.” On other exchanges, such as Coinbase, users need to specifically “lock-up” their assets for an agreed period of time to earn rewards.
Parts of Latin America, Vogel noted, have been devastated by inflation, especially during the pandemic.
“We are giving our customers an alternative way of gaining yields,” he added, “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."