Leading derivatives exchange Bitget starts a launch pool.
In a tweet today, leading derivatives exchange Bitget based in Singapore disclosed that its launch pool is live, offering users up to 150k XRP in rewards for staking Bitget and XRP assets.
🚀 Stake with as low as $1 to win MEGA earnings every single hour!
— Bitget @ TOKEN2049 (@bitgetglobal) September 5, 2022
“Bitget is thrilled to announce the beginning of Launchpool, with the added bonus of staking tokens to WIN free XRP airdrops, MEGA earnings and a HUGE prize pool for our first movers!” Bitget wrote in an accompanying blog post.
It bears mentioning that a launch pool is a platform that raises funds for crypto projects, promising returns for investors who stake their crypto holdings. However, the type of crypto projects Bitget hopes to fund with the pool is not yet clear.
As per the blog post by Bitget, users can get a share of 90,000 XRP by staking BGB, while users who choose to stake XRP get a chance to share in 30,000 XRP rewards. Additionally, new Bitget users get a share of 20,000 XRP, while some lucky participants will share in 10,000 XRP rewards.
It is worth noting that the derivative exchange is growing in popularity amongst users. According to a recent report by Vanguard from the Boston Consulting Group, the exchange has overtaken FTX to become the third largest derivative exchange by volume globally
Bitget is among the few crypto exchanges with expansionist plans during the crypto winter. The firm disclosed in June that it planned to double its workforce. Additionally, in August, it launched a $200 million security fund dubbed the Bitget Protection Fund to ensure the safety of user funds in the face of extreme market volatility following the collapse of several crypto lending platforms in recent months.
Notably, the exchange is an official sleeve partner of Juventus, a leading Italian soccer team. As recently reported by The Crypto Basic, both parties have entered an agreement to continue the partnership for the new football season.