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Monday, March 27, 2023

Argentinian Cryptocurrency Exchange Buenbit Launches Stablecoin Yield Instruments

Argentinian Cryptocurrency Exchange Buenbit Launches Stablecoin Yield Instruments – More and more exchanges are attempting to provide users with staking options, allowing them to earn money using funds deposited on their platforms.

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One of these is Buenbit, an Argentinian exchange that just announced the addition of two stablecoins to its yield investment instruments. The company stated that USDC and USDT-based investment structures were already accessible for users to profit from stablecoin deposits.

Also Read:Moneygram Launches USDC Crypto-to-Cash Program in Certain Markets

The exchange would give 11 percent for USDC deposits and 9% for USDT deposits, according to local media reports. These coins join others like BTC, DAI, ETH, BNB, ADA, DOT, SOL, and MATIC in allowing the exchange’s users to gain yield without worrying about price volatility.

The exchange is aimed at customers in high-inflation markets (such as Argentina), where they are concerned about volatility but need to place their investments for a profit. The purpose of this new batch of investment goods was explained by Buenbit CEO Federico Ogue. 

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He stated:

“We will continue to create solutions that assist consumers in hedging against inflation and finding crypto to be a convenient way to manage their daily finances. Because stable cryptocurrencies are one of the goods in which users have the most trust, we’ve launched yields that help each of them grow their capital.”

Buenbit’s products are activated when a customer deposits funds in the exchange’s wallet, and they may be withdrawn without having to wait for a set length of time, which sets it apart from other, comparable services. The use of these instruments is particularly appealing to Argentinians, who can sometimes get a better exchange rate for stablecoins than they can for dollar bills.

Also Read: Huobi Launches Blockchain and Web3 Investment Arm Ivy Blocks

Despite offering these additional choices, the exchange has been impacted by the recent market downturn. In May, Buenbit said that nearly half of its personnel would be laid off in order to “keep a self-sustaining and efficient structure” in the three countries where the exchange operates.

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