by Sergio Goschenko
Buenbit, one of the leading Argentinian cryptocurrency exchanges, announced the inclusion of two stablecoins in its current yield program. The company will allow its customers to earn yields of up to 11% annually on their USDC and USDT funds, with the earnings being deposited in customers’ accounts daily, targeting high inflation markets.
More and more exchanges are trying to offer staking options for their customers, allowing them to earn money with the funds deposited on their platforms. Buenbit, an Argentinian exchange, is one of these, recently announcing the inclusion of two stablecoins as part of its yield investment instruments. The company confirmed that USDC and USDT-based investment structures were already available for users to gain yield on the deposits of these stablecoins.
According to reports from local media, the exchange will offer 11% for USDC deposits, and 9% on USDT deposits. These instruments join other coins such as BTC, ETH, DAI, BNB, DOT, ADA, SOL, and MATIC, allowing the customers of the exchange to gain yield without having to worry about price volatility. The interests of these products will be deposited daily.
The exchange is targeting high inflation markets (such as Argentina) where customers fear volatility but need to position their investment to gain some yield. Federico Ogue, CEO of Buenbit, explained the goal behind this new batch of investment products. He stated:
We continue to provide solutions that help people hedge against inflation and find crypto an easy-to-use place for their everyday finances. Stable cryptocurrencies are one of the products where users place the most trust, that is why we launch yields that contribute to increasing the capital of each of them.
Buenbit’s products are activated when the user deposits funds in the wallet of the exchange, and they can be withdrawn without having to wait for a defined time period, which differentiates the service when compared to other, similar offerings. The use of these instruments is especially interesting for Argentinians, who can sometimes collect a higher price in the exchange market for these stablecoins than for dollar bills.
Though the exchange is offering these new options, it has been hit by the recent market downturn. Buenbit announced in May that it was laying off almost half of its workforce in order to “maintain a self-sustaining and efficient structure” in the three countries where the exchange operates.
What do you think about the new stablecoin-based yield instruments launched by Buenbit? Tell us in the comments section below.
Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Central Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year
The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this … read more.
Ripple CEO: SEC Lawsuit Over XRP ‘Has Gone Exceedingly Well’
The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP “has gone exceedingly well.” He stressed: “This case is important, not just for Ripple, it’s … read more.
Check all the news here