Mark Weaden
The Mexican exchange Bitso has launched its first bitcoin and stablecoin yield feature, which allows users to earn rewards just for holding these assets. The feature is named Bitso+, which works similar to the “Earn” feature we see at major crypto exchanges like Binance and Coinbase.
Bitso+
With some 4 million active users, Bitso is established as one of the biggest cryptocurrency exchanges in Latin America. The new feature will be offered to a huge audience that’ll be able to gain up to 15% annually on USD stable coins and 6% on Bitcoin.
The exchange has said that the only requirement will be to hold these digital assets in their wallets and they’ll earn on them. Daniel Vogel, co-founder and CEO of Bitso, said that “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.”
One of the great features of Bitso+ is that users can withdraw the cryptocurrency they are earning without any fees or lockups. This seamless process is appealing, as often popular exchanges require customers to lock their investments for a variety of different periods—some up to 90 days.
Discussing the potential of Bitso, as well as cryptocurrency broadly, in Latin America, Vogal said that “We are giving our customers an alternative way of gaining yields,” adding, “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."
Torrid Times For Latin American Economies
From Argentina to Mexico, there has been a wave of economic crises across the continent. Countries like Argentina have a thriving cryptocurrency, which is likely related to the fact the peso has been defaulted against the dollar for over a decade.
Earning features are of great interest to those that are met with extraordinarily high inflation relates, as well as an economy that matches the volatility of the crypto market. While many would suggest that Bitcoin's halving in price since November is no better, the fact is an investment into Bitcoin from major companies shows there is a desire for it to succeed.
