Bitso announced the addition of four new cryptos to its Earnings feature.
Earnings with Ethereum (ETH) and Solana (SOL) are available to all users, and Cardano (ADA) and Polkadot (DOT) will reportedly be added in the first week of December 2024.
These options complement the earnings already “available in digital dollars” with USDC and USDT.
Via the platform, customers of Bitso —the crypto-powered financial services company in Latin America—can access the Earnings section to store their funds and “receive weekly interest credited to their accounts, all while maintaining liquidity of their assets.”
At present, the effective annual rate for stablecoins (USDC and USDT) ranges from “2% to 4%, depending on the amount invested.”
For the newly added cryptos, the annual rate will be “fixed regardless of the amount invested, but it will vary weekly based on market conditions.”
Rates are visible in the app under the Earnings section, “allowing users to check them weekly.”
At launch, the effective annual rate for ETH “is 2.8%,” and for SOL, it “is 5%.”
Rates for ADA and DOT will be available in the Earnings section after they have been added, according to the update from Bitso.
One of the primary advantages of the Earnings feature is that funds do not need to “be locked or frozen; users can withdraw at any time, offering greater flexibility.”
There is reportedly “no minimum’ deposit required, nor is there “a minimum balance needed.”
At present, around 600,000 users are registered to “receive weekly earnings for saving in stablecoins, and this new step extends the benefit to four of the most popular tokens on their platform.” Alves added that with just a couple of taps in the app, users “can grow their wealth effortlessly—we take care of everything for them.”
As covered, Bitso is Latin America’s financial services firm that is powered by crypto, with 8 million+ customers.
Bitso explained that it offers a “regulated” digital platform to buy, sell, hold, earn yields and transact more than 50 virtual currencies. Bitso Business is the company’s B2B segment with more than 1,700 institutional clients.
Bitso Business provides infrastructure for cross-border payments, enabling global companies to pay and get paid in local currency and “move money across borders with cost-efficiency and transparency.”
Established in 2014, with more than 500 employees in 35 different countries, Bitso explained that is working to make crypto “useful” by unlocking the power of borderless, secure and easy-to-use financial products.
Bitso said it is committed to empowering the region by providing universal access to the digital economy of the future and “enabling a fairer monetary system.”