Argentinian Cryptocurrency Exchange Buenbit Launches Stablecoin Yield Instruments

Buenbit, an Argentinian cryptocurrency exchange, has announced that it will include two stablecoins into its current yield program. Customers will be able to earn up to 11% annually from their USDC or USDT funds. The earnings are deposited daily into customers’ accounts to target high inflation markets.

Buenbit Announces USDC- and USDT Yield Instruments

There are more and more exchanges offering staking options to their customers. This allows them to make money from the funds they deposit on their platforms. Buenbit, an Argentinian platform, recently announced the addition of two stablecoins to its yield investment instruments. According to the company, USDC- and USDT-based investment schemes were already available for users who wanted to earn yield on their deposits of these stablecoins.

Local media reports that the exchange will offer USDC deposits 11% and USDT deposits 9%. These coins join other coins like BTC, ETH and DAI, BNB. Customers of the exchange will be able to get yield without worrying about price volatility. These products’ interests will be deposited every day.

Targeting high inflation

Customers in high-inflation markets like Argentina are being targeted by the exchange. They fear volatility, but must position their investments to earn some yield. Federico Ogue is the CEO of Buenbit. He explained the purpose of this new range of investment products. He said:

We offer solutions to help people protect against inflation and make crypto a convenient place for their daily finances. We launch yields that increase the capital of each cryptocurrency. Stable cryptocurrencies are the product that users trust the most.

Buenbit products can be activated by the user depositing funds into the wallet of the exchange. They can also be withdrawn immediately without waiting for a time, which makes it stand out from other similar offerings. These instruments are particularly interesting for Argentinians who may be able to collect a higher exchange price for them than they can for dollars bills.

Although the exchange offers these options, it has been affected by the market downturn. Buenbit announced that it would lay off nearly half its workforce in May to “maintain an efficient and self-sustaining structure” in the three countries in which the exchange is located.

 

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