Bitrue exchange boosts its XRP staking to 5.3% APR

By November 16, 2020Ethereum
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  • Leading crypto finance platform Bitrue announced that it will raise the interest rate for users that stake XRP.
  • Bitrue shortly introduced the new DeFi token Finance token (BFT) for its users.

Leading crypto finance platform Bitrue has announced that it will raise the interest rate for users wishing to stake Ripple’s native token XRP. The annual percentage rate (APR) for XRP on the PowerPiggy tool 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 enables savers to lock up 26 different cryptocurrencies and borrowers to take out loans in USDT, BTC, ETH or XRP. Each of the cryptocurrencies has its own APR. Up until now, XRP’s rate has been set at 4.1% but it will be raised to 5.3% starting from November 20. Bitrue cites the community’s demand as the key reason for the raise.

Bitrue has been a go-to 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 XRP’s total trading volume. It also offers traders a wide range of XRP-denominated trading pairs. According to Bitrue’s co-founder and CEO Curis Wang, the platform’s close connection to the XRP ecosystem is a crucial differentiating factor from other cryptocurrency exchanges.

Commenting on the APR increase decision, Bitrue’s Chief Marketing Officer Adam O’Neill underscored the importance of the XRP community for Bitrue, saying: “We’re proud to have served the XRP community for many years already, and we always hear demand from these users asking for us to help maximize the utility of their XRP. In response to the community’s voice, 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 crypto savers and borrowers, Bitrue has been working on incorporating elements of the rapidly ascendant defi space into its toolkit.

The initial major defi functionality that Bitrue will offer will be a peer-to-peer crypto loan 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 take loans out of the pool by depositing the required collateral. In addition to loan matching, Bitrue has also set its sights on becoming a key hub for facilitating value transfers among major blockchain platforms. The implicit goal of Bitrue is to expand the defi activity beyond the confines of the Ethereum ecosystem.

Bitrue’s defi component will be underpinned by the newly-issued Bitrue Finance token (BFT). Part of the BFT supply 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 make it possible for yield farmers to avoid handling several defi protocols by themselves.

Users can lock up crypto via Bitrue’s dedicated mobile app, and the platform will invest their funds into various defi protocols on their behalf. BFT rewards can be earned by depositing BFT or XRP.

Bitrue shortly introduced the new DeFi token Finance token (BFT) […]

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