Bitrue promises up to a 10% annual percentage rate on customers’ XRP holdings for its Power Piggy crypto staking service.
Singapore-based exchange Bitrue recently called attention to its Power Piggy product, offering XRP holders an impressive 10% return on their holdings. This move aims to allow users to earn passive income by staking their XRP coins on the exchange.
💫 All users can refer friends and share 5,000 $USDT prize pool!
— Bitrue (@BitrueOfficial) June 19, 2023
Bitrue’s Power Piggy program offers XRP investors a competitive annual rate of 9%. With a minimum requirement of 10 XRP, the program ensures accessibility for diverse participants seeking to optimize their earnings.
Bitrue has introduced a feature that enables users to raise their APR by holding the exchange’s native token, BTR. By maintaining BTR in their accounts, participants can potentially elevate the interest rate to 10.8%.
The interest generated through this feature follows a three-tier system determined by the amount of BTR held. Users with BTR valued at less than $500 receive the base interest rate. For those holding between $500 and $10,000 worth of BTR, the APR is calculated by multiplying the base rate by 1.034.
Lastly, participants with a BTR balance exceeding $10,000 enjoy an enhanced annual interest rate of the base rate multiplied by 1.2.
Rules for Bitrue’s XRP Staking Program
Bitrue has implemented specific guidelines for the Power Piggy program. Rewards are distributed daily at 16:00 (UTC), and users only begin to accrue interest a day after the initial investment. However, the first interest payment comes two days after the investment.
A noteworthy feature of the Power Piggy program is the absence of a lock-up period, allowing users the flexibility to withdraw their participation at any time without limitations. Furthermore, participants can rejoin the program as long as the daily participation limit has not been reached.
While Bitrue ensures the safety of participants’ principal and earnings, potential investors must conduct their own research and assess associated risks before making investment decisions.
It is worth noting that the XRP Ledger has a unique consensus mechanism that does not support staking. Consequently, exchanges like Bitrue have developed proprietary initiatives to allow XRP holders to earn rewards.
Bitrue added XRP to its Power Piggy staking program in January, giving users a 1.5% annual percentage rate. Recently, it revealed that XRP is among the top staked assets on the platform, along with BTC and XDC.