According to online news sources, the global crypto trading platform BitMEX has reportedly announced that it is going to launch an interest-bearing product called BitMEX EARN. Among all the public earn products, the BitMEX EARN is expected to offer a very high APR or annual percentage rate. The interest-bearing product will reward those users who invest their funds for a set period in return for an interest payout. This payout can range from 14 to 100 percent APR. According to the company, this interest-bearing product is the first of its kind in the crypto market that is backed entirely by an insurance fund. All the payouts in BitMEX EARN are backed by the BitMEX insurance fund, which is one of the largest in the industry.
It has been found that one of the first cryptocurrencies that will be offered on BitMEX EARN is Tether. The CEO of BitMEX, Alexander Höptner, said in a recent interview that by using BitMEX EARN, users will be able to generate a very high rate of return. This rate of return could be even higher than what is offered by TradFi. He further said that the company is also streamlining the subscription process. This is being done so that the product can be used by all types of traders and not just the pros.
As per the announcement, the BitMEX EARN product is a part of the company’s ‘Beyond Derivatives’ strategy, through which it aims to bring in a transformation in the business. After launching a program for user verification and compliance in 2020, the company is also planning to add 5 new business segments – Brokerage, Spot, Custody, Academy, and Information Products.