Latin American (LatAm) exchange Bitso has launched a feature enabling its customers to earn yields on digital assets, called Bitso+.
The exchange is one of the largest in LatAm with four million users. Yesterday, the company announced its newest feature whereby clients can gain up to 15% a year on USD stablecoins.
Unlike other digital assets including Bitcoin (BTC) and Ethereum (ETH) a stablecoin is specifically designed to be more reliable (and equally more stable).
Users of Bitso+ will also be able to take advantage of the new feature and earn yields of up to 6% on BTC.
Although it has not yet been declared how this will work, it has been said that users would need to have BTC in their wallets.
Bitso co-founder and CEO Daniel Vogel said: “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.”
Due to the covid-19 pandemic and the lockdowns over the past few years, inflation has hit parts of LatAm extremely hard.
“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”, continued Vogel.
Other popular exchanges like Coinbase require users to hold their assets and ‘lock them up’ for an agreed period before they can earn any rewards.
Unlike these exchanges, Bitso has announced in a statement that users will be subject to “no extra fees, lockups or set up hassle”, when withdrawing their yielded cryptocurrency.