Global crypto trading platform BitMEX. which was hit earlier this year with a $100 milllion penalty pertaining to CFTC action claiming illegal trading, AML violations and other charges, has announced the launch of BitMEX EARN.
This interest-bearing product “offers the highest annual percentage rate (APR) of all public Earn products,” according to an update shared with Crowdfund Insider.
The product rewards users who “subscribe their funds for a set period with an interest payout, ranging from 14 – 100% APR,” the update explained. Furthermore, BitMEX EARN is “the only product of its type in the market that is 100% insurance fund backed,” the company claims. All payouts are “guaranteed by the BitMEX insurance fund – one of the largest funds in the industry,” the update noted.
As stated in a release, the first cryptocurrency available on BitMEX EARN is Tether (USDT ERC-20). BitMEX customers who subscribe to the product “before 7 December 2021 can subscribe to an early bird offer to earn up to a 100% APR on Tether for deposits up to USDT 1,000 per user and up to 14% APR for deposits up to USDT 100,000 per user.” More details on BitMEX EARN may be accessed here.
Alexander Höptner, Chief Executive Officer at BitMEX, stated:
“BitMEX EARN allows anyone to easily generate a double-digit return – much higher than the rates you’ll get with TradFi products. Our EARN products’ APR far outpaces what’s offered on other crypto platforms, whose headline rates on similar products are usually tied to unattainable staking requirements. We’ve also streamlined our subscription process, making this a product that appeals to all kinds of traders – not just the pros.”
BitMEX EARN is part of the platform’s ongoing business transformation, “known as its ‘Beyond Derivatives’ strategy’.”
BitMEX is adding five new international business segments (Spot, Brokerage, Custody, Information Products, and Academy) after having “launched a rigorous user verification and compliance programme in 2020.”
In January 2021, BitMEX announced the completion of its user verification program, which made BitMEX “one of the largest crypto derivatives exchanges to have a fully verified active user base,” the company claims.
BitMEX EARN follows the firm’s introduction of USDT “for margin and settlement on perpetual swaps in November 2021.”
BitMEX EARN launches on December 1, 2021, with subscriptions “open for the first two products until 7 December 2021 (or until fully subscribed).” To subscribe or find out more about this offer, please visit the BitMEX EARN webpage.
As covered, BitMEX is a trading platform that “offers investors access to the global digital currency financial markets.” BitMEX is owned by HDR Global Trading Limited.