Latin American crypto exchange Bitso is now offering its clients the opportunity to rack up extra earnings on the crypto in their wallets through a new yield feature.
Bitso users in Argentina, Brazil and Mexico are now able to earn yields on their crypto balance by using this new feature, which is called Bitso+. The exchange says the yields will reach up to 15% annually for stablecoins and 6% annually on bitcoin, without any extra fees or lock-up period. Bitso offers USD Coin (USDC), Pax Dollar (USDP) and Binance USD (BUSD) stablecoins.
"Bitso partnered with reputable yield providers to take advantage of strategies such as earning interest by lending crypto assets, earning rewards by staking on proof-of-stake blockchains or providing liquidity to DeFi protocols, and profit by simultaneously buying and selling a crypto asset on different markets at different prices," David Álvarez López, Bitso's savings product manager told The Block in an email statement.
The yield option will appear automatically in the latest version of the Bitso app and reward users every week, the company said in a press statement.
Bitso is registered and regulated in Gibraltar, but operates in Latin America. It has more than 4 million users in Argentina, Brazil and Mexico. The exchange is also expanding into Colombia.
“Inflation continues to rise globally and [e]specially 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 just by having their assets on their Bitso wallet," Bitso CEO Daniel Vogel said in the press statement.