Fun

Argentinian Cryptocurrency Exchange Buenbit Launches Stablecoin Yield Instruments

News Feed - 2022-06-14 02:06:15

Argentinian Cryptocurrency Exchange Buenbit Launches Stablecoin Yield Instruments


Buenbit, one of the leading Argentinian cryptocurrency exchanges, announced the inclusion of two stablecoins in its current yield program. The company will allow its customers to earn yields of up to 11% annually on their USDC and USDT funds, with the earnings being deposited in customers’ accounts daily, targeting high inflation markets. Buenbit Announces USDC and USDT Yield Instruments


More and more exchanges are trying to offer staking options for their customers, allowing them to earn money with the funds deposited on their platforms. Buenbit, an Argentinian exchange, is one of these, recently announcing the inclusion of two stablecoins as part of its yield investment instruments. The company confirmed that USDC and USDT-based investment structures were already available for users to gain yield on the deposits of these stablecoins.


According to reports from local media, the exchange will offer 11% for USDC deposits, and 9% on USDT deposits. These instruments join other coins such as BTC, ETH, DAI, BNB, DOT, ADA, SOL, and MATIC, allowing the customers of the exchange to gain yield without having to worry about price volatility. The interests of these products will be deposited daily. Targeting High Inflation


The exchange is targeting high inflation markets (such as Argentina) where customers fear volatility but need to position their investment to gain some yield. Federico Ogue, CEO of Buenbit, explained the goal behind this new batch of investment products. He stated:


We continue to provide solutions that help people hedge against inflation and find crypto an easy-to-use place for their everyday finances. Stable cryptocurrencies are one of the products where users place the most trust, that is why we launch yields that contribute to increasing the capital of each of them.


Buenbit’s products are activated when the user deposits funds in the wallet of the exchange, and they can be withdrawn without having to wait for a defined time period, which differentiates the service when compared to other, similar offerings. The use of these instruments is especially interesting for Argentinians, who can sometimes collect a higher price in the exchange market for these stablecoins than for dollar bills.


Though the exchange is offering these new options, it has been hit by the recent market downturn. Buenbit announced in May that it was laying off almost half of its workforce in order to “maintain a self-sustaining and efficient structure” in the three countries where the exchange operates. Tags in this story Argentina, Buenbit, Cryptocurrency Exchange, inflation, layoffs, Stablecoins, USDC, USDT, Yield


What do you think about the new stablecoin-based yield instruments launched by Buenbit? Tell us in the comments section below. Sergio Goschenko


Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved. Co-founder of Argentinian Tech Giant Globant Thinks Companies Should Take Metaverse, NFTs, and Crypto Seriously NEWS | 1 hour ago Crypto Lending Company Blockfi Cuts Staff by 20% NEWS | 11 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleJPMorgan Economist Expects the Fed to Hike Benchmark Rate by 75 bps as Global Markets Bleed Next articleCo-founder of Argentinian Tech Giant Globant Thinks Companies Should Take Metaverse, NFTs, and Crypto Seriously Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItRipple CEO: SEC Lawsuit Over XRP "Has Gone Exceedingly Well"


The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.Central Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year SEC Risks Violating Admin Procedure Act by Rejecting Spot Bitcoin ETFs, Says Grayscale Argentinian Securities Regulator Launches Innovation Hub to Discuss Regulated Crypto Investments Survey: Adoption in Argentina Grows, With 12 out of 100 Adults Having Invested in Crypto

News Feed

WBTC address poisoner sends nearly all funds back to victim after negotiations
Christopher Roark2 hours agoWBTC address poisoner sends nearly all funds back to victim after negotiationsBlockchain data shows that nearly 23,000 ETH was transferred into the victim’s account after negotiations opened
Brayden Lindrea6 hours agoStablecoin issuer Circle weighing up 2024 public launch: ReportCircle initially agreed to go public as part of a $4.5-billion merger in July 2021, but that deal fizzled out.2539 Total views8 Tot
DeHub Makes History By Announcing New $1 Million NFT Raffle
DeHub Makes History By Announcing New $1 Million NFT Raffle press release PRESS RELEASE.As inflation soars & opportunities begin to diminish, an increasing number of individuals all
Alexandre Vasarhelyi10 hours agoMilei vowed to close Argentina’s central bank — But will he do it?The challenge of replacing Argentina’s peso with the United States dollar (and potentially Bitcoin) will be great, b
Cryptovoxels Is Rebranding to Voxels
Cryptovoxels Is Rebranding to Voxels press release PRESS RELEASE.Cryptovoxels, one of the most significant players in the metaverse space, is rebranding to Voxels. The rebrand will
US Government Plans to Sell Over 41,000 Bitcoins Confiscated from Silk Road Hacker
US Government Plans to Sell Over 41,000 Bitcoins Confiscated from Silk Road Hacker According to a court document filed on March 31, 2023, regarding the sentencing of James Zhong, w
Dogecoin Crashes 40%, But This Analyst Sees A Bullish Setup
Este artículo también está disponible en español. In a dramatic reversal, Dogecoin (DOGE) plunged from around $0.34 as low as $0.20, wiping out nearly 40% of its value be
Chainlink Price Hits $30 For The First Time Since 2022 — What Next?
Este artículo también está disponible en español. The Chainlink price has been on quite a run in the past few months, but so has the entire cryptocurrency market. While t
If Bitcoin Passes $14K, Analysts Say Traders ‘Should Look to $20,000’ Instead of Looking Back
If Bitcoin Passes $14K, Analysts Say Traders "Should Look to $20,000" Instead of Looking Back While bitcoin prices touched all-time 2020 highs on Tuesday, a few
JPMorgan: Institutional Investors Dump Gold for Bitcoin Seeing It as Better Inflation Hedge
JPMorgan: Institutional Investors Dump Gold for Bitcoin Seeing It as Better Inflation Hedge Global investment bank JPMorgan says institutional investors are returning to bitcoin, s
Atari to Launch a Crypto-Fueled Gaming Platform in the Ethereum Metaverse Decentraland
Atari to Launch a Crypto-Fueled Gaming Platform in the Ethereum Metaverse Decentraland In October 2020, the entertainment software company Atari launched a digit
Stakeholder urges swift implementation of Nigeria’s blockchain policy
Amaka Nwaokocha11 hours agoStakeholder urges swift implementation of Nigeria’s blockchain policySiBAN president Obinna Iwuno stressed the necessity of establishing a forward-thinking regulatory framework to accelerate