Global cryptocurrency trading platform BitMEX announced the launch of BitMEX EARN. This interest-bearing product offers a high Annual Percentage Rate (APR) among all public products. The product rewards users who subscribe to their funds for a specified period with an interest payment, ranging from 14 to 100 percent APR.
Furthermore, the company claimed, BitMEX EARN is the only product of its kind on the market that is 100% backed by insurance funds. All payments are guaranteed by the BitMEX insurance fund, which was said to be one of the largest funds in the industry.
The first cryptocurrency available on BitMEX EARN is Tether (USDT ERC-20). Alexander Hรถptner, CEO of BitMEX, said: โBitMEX EARN allows anyone to easily generate a high rate of return, much higher than the rates you get with TradFi products. The APR for our EARN products far exceeds what is offered on other crypto platforms, whose headline rates on similar products are generally tied to unattainable participation requirements. We have also streamlined our underwriting process, making it a product that appeals to all types of merchants, not just professionals. "
The company said that BitMEX EARN is part of its ambitious business transformation, known as its 'Beyond Derivatives' strategy. BitMEX is adding five new global business segments (Spot, Brokerage, Custody, Information Products, and Academy) after launching a rigorous user verification and compliance program in 2020. In January 2021, BitMEX announced the completion of its verification program. of users, which made BitMEX, one of the largest crypto derivatives exchanges that has a fully verified active user base, he claimed.
BitMEX EARN follows the company's introduction of USDT for margin and settlement in perpetual swaps in November.
