The top cryptocurrency exchange Bitfinex has announced that it will offer users an annual interest on three top cryptocurrencies. Users can now earn interest on three major digital currencies Bitcoin (BTC), the largest cryptocurrency in the world by market cap, Ethereum (ETH), the second-largest digital currency, XRP, the fourth-ranked cryptocurrency.
An annual interest of up to 6.2%
Bitfinex has said in the announcement on September 30, 2020, that it will offer an annual interest on three popular cryptocurrencies in the world via its partnership with the leading cryptocurrency lending and borrowing platform, Celsius Network. As per the announcement, the holders or users of Bitcoin (BTC) and Ethereum (ETH) will now be able to earn an annual percentage yield (APY) of up to 6.2%.
While on the other hand, the holders of XRP will have the opportunity to earn an annual percentage yield interest of up to 4.2%. By offering interest on these digital assets, the cryptocurrency exchange is basically providing users with a new way of earning passive income annually.
Bitfinex is offering interest with high APY rates to the holders of Bitcoin, Ethereum, and XRP as compared to traditional banks whose interest rate limits only to 1-2% for fiat savings.
Commenting on this offering, the Chief Technical Officer (CTO) at the Bitfinex exchange Paolo Ardoino said:
“We expect this offering to appeal to customers that have bought Bitcoin as a long-term store of value, and who also want to earn on their assets while they hold.”
While revealing his plan of bringing around one hundred more people into the cryptocurrency industry in a statement, Celsius Network’s Chief Executive Officer (CEO) Alex Mashinsky said, that users have already been given the opportunity to earn an APY of 15.89% on twelve stablecoins through their lending platforms.
Bitfinex also announces margin trading for UNI token
In another announcement, the Hong Kong-based cryptocurrency exchange has also launched margin trading for Uniswap’s native token UNI by adding the token into its “suite of margin trading products”.
The company is now offering margin trading for UNI’s two trading pairs which are UNI/USDT and UNI/USD. Margin trading for UNI pairs on the Bitfinex trading platform is opened from September 30, 2020, at 8:00 AM UTC.