Bitstamp has unveiled a new lending product. European users of the exchange can earn returns of up to 4.4% on a dozen cryptos.
Bitstamp announced yesterday the launch of its new lending service on European markets. The oldest crypto exchange is also offering its service in Hong Kong and the United Arab Emirates.
The lending service offers daily rewards and up to 4.4 percent APY, with no specific lock-up period. Lending is available for cryptos with large capitalizations like Bitcoin, Etherum, USDC and USDT. Other cryptos are available like XRP, BCH, LINK, LTC and APE. Several Beta tester customers have been using the platform’s service since March.
This new product is in partnership with Tesseract a company specialized in digital asset lending and regulated by FIN-FSA in Finland.
Named Bitstamp Earn, the product is available in many European countries, including France, Switzerland and Belgium. It is also available to users based in Hong Kong and the United Arab Emirates.
To make crypto lending more transparent, Bitstamp offers monthly reports providing detailed information on product performance and risk. A first-of-its-kind initiative in the market, this report provides key indicators, such as portfolio performance and concentration, borrower risk profiles and collateral levels, Bitstamp says, seeking reassurance.