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 earn products. The product rewards users who subscribe their funds for a set period with an interest payout, ranging from 14-100 per cent APR.
Furthermore, the company claimed, BitMEX EARN is the only product of its type in the market that is 100 per cent insurance fund-backed. All payouts are guaranteed by the BitMEX insurance fund – which it said was one of the largest funds in the industry.
The first cryptocurrency available on BitMEX EARN is Tether (USDT ERC-20). Alexander Höptner, Chief Executive Officer at BitMEX, said: “BitMEX EARN allows anyone to easily generate a high rate of return - much higher than the rates one gets 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.”
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 having launched a rigorous user verification and compliance programme in 2020. In January 2021, BitMEX announced the completion of its user verification programme, which made BitMEX one of the largest crypto derivatives exchanges to have a fully verified active user base, it claimed.
BitMEX EARN follows the company’s introduction of USDT for margin and settlement on perpetual swaps in November.