• Customers of Mexican exchange Bitso in Latin America can receive higher returns on their investments in and USD stablecoin by enabling the new ‘Bitso+’ feature.
• The platform’s strategy is to entice more users to use its app while improving income in times of inflation.

Bitso, the Mexican cryptocurrency exchange, has revealed its plans to draw more customers from the region and increase their returns. Bitso, which was a unicorn in Mexico last year, provides a 15% return on USD stablecoins and a yield of up to 6% with Bitcoin.

The Bitso+ feature, previously available only to select customers of the platform can be used now by over 4,000,000 clients. This allows them to get weekly returns based on their investments.

There is no minimum amount required for investments. Users can put in anywhere from one to thousands of dollars. Executives at the company say Bitcoin is most widely used, while USD stablecoins that are tied to dollars, such as USD-based bitcoins, are popular too.

“It is an easier way to understand the benefits of cryptocurrencies,” said David Álvarez, head of the Bitso+ program.

Álvarez explained that customers who sign up for a platform account, and invest in USD stablecoins, will receive a 15% return on the first $1,000. Investments of $1,000 to $20,000 earn a 10% yield, and those who invest more than $20,000 get a 7% return.

For the initial 0.4 BTC invested, there is a 6% return and thereafter, the nominal rate is 3.5%.

“Stablecoins can be leveraged by our users, they can use them to make payments to the other side of the world in a matter of minutes and it is the way to speak of the current modern financial system,” Álvarez said.
According to the executive, the company wants to make it easier for its clients in Argentina, Colombia, Brazil and Mexico to better use their money. Bitso will add more cryptocurrency options in the future.

“Inflation continues to rise globally and especially in Latin America”, highlighted Daniel Voguell, CEO and co-founder of the firm. He said, “With this feature we are providing an innovative way to increase wealth simply by having assets in your Bitso pocket.”

Why you should care

• According to Statista’s most recent report, the inflation rate for Latin America and Caribbean is 9.28%.
• Experts predict that Mexico’s interest rates will not fall below 7.5%. The Central Bank however plans to increase interest rates.

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