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- Leading cryptocurrency platform Bitrue has announced that it will raise the interest rate for users who bet on XRP.
- Bitrue has shortly introduced the new financial token DeFi token (BFT) for its users.
Leading cryptocurrency platform Bitrue has announced that it will increase the interest rate for users wishing to bet on Ripple’s native XRP token. The annual percentage rate (APR) for XRP on the PowerPiggy instrument is now set at 5.3%.
Sweetening the deal for XRP stakers
Among the many moving parts of its multidimensional digital finance platform, Bitrue offers users a staking product called PowerPiggy. It allows savers to freeze 26 different cryptocurrencies and borrowers to borrow in USDT, BTC, ETH or XRP. Each of the cryptocurrencies has their own APR. Until now, the XRP rate has been set at 4.1%, but will be raised to 5.3% starting November 20. Bitrue cites community demand as a key reason for the increase.
Bitrue has been a cryptocurrency exchange and investment platform for XRP holders since the very beginning of its existence. It initially focused on XRP as its base currency and still boasts 16.2% of total XRP trading volume. It also offers traders a wide range of trading pairs called XRP. According to Bitrue co-founder and CEO Curis Wang, the platform’s close connection with the XRP ecosystem is a crucial differentiator from other cryptocurrency exchanges.
Commenting on the decision to increase APR, Bitrue Chief Marketing Officer Adam O’Neill stressed the importance of the XRP community to Bitrue, saying, “We are proud to have served the XRP community for many years already, and we always listen to the requested by these users who ask us to help maximize the usefulness of their XRP. In response to the voice of the community, we are now happy to be the # 1 destination for XRP investments. “
Trying to glue Defi and Cefi together
In addition to catering to traditional cryptocurrency traders and connecting cryptocurrency savers and borrowers, Bitrue has been working to incorporate elements of the fast-growing defi space into its toolkit.
The main initial defi functionality that Bitrue will offer will be a peer-to-peer cryptocurrency matching engine. It will consist of an on-chain liquidity pool to which lenders will be able to contribute funds. Borrowers will be able to borrow from the pool by depositing the required collateral. In addition to loan matching, Bitrue has also aimed to become a key hub for facilitating value transfers between major blockchain platforms. Bitrue’s implicit goal is to expand defi business beyond the boundaries of the Ethereum ecosystem.
The defi component of Bitrue will be backed by the newly issued Bitrue Finance (BFT) token. Part of BFT’s offering has already been distributed via combined pre and public sales and users can still earn BFT by participating in the Bitrue Yield Farming program. According to Bitrue, it is designed to be easier to use than traditional liquidity mining and to allow yield farmers to avoid managing several defi protocols on their own.
Users can lock the encryption through Bitrue’s dedicated mobile app and the platform will invest their funds in various defi protocols on their behalf. BFT rewards can be earned by depositing BFT or XRP.
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