Bitstamp has made the big XRP announcement it recently teased, with the community registering disappointment as the exchange unveils a 2% APY on XRP lending.
Bitstamp, a prominent digital asset exchange, recently unveiled its highly-awaited XRP announcement. However, the revelation has generated a sense of disappointment within the community. Notably, Bitstamp disclosed an increase in the annual percentage yield (APY) for XRP lending to 2%.
The Bitstamp Announcement
The exchange disclosed the latest move today, calling on the XRP community to confidently lend their XRP tokens on its secure platform.
Level up your XRP with a permanent 2.0% APY ?
Lend XRP with confidence via Bitstamp Earn Lending.
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More info ? https://t.co/RNXRRKwin2#XRP #XRPL #XRPLedger pic.twitter.com/FDifFAEL4t
— Bitstamp (@Bitstamp) August 3, 2023
The development intends to allure XRP investors looking to generate yield from their cryptocurrency holdings. The elevated APY will be consistently available, providing a stable and dependable opportunity for individuals interested in crypto lending.
Bitstamp’s lending service stands out due to its various essential advantages, instilling users with confidence and transparency throughout the lending procedure. The exchange refrains from lending or converting users’ assets without explicit instructions.
To provide users with additional assurance, Bitstamp has partnered with Tesseract, a reputable institution specializing in lending exclusively to trustworthy borrowers. Tesseract conducts thorough risk and credit assessments for all borrowers, thereby augmenting the overall safety and dependability of the lending service.
Moreover, Bitstamp presents monthly performance reports to bolster transparency. These comprehensive reports encompass crucial metrics, including portfolio concentration, collateral levels, and risk profiles of borrowers.
However, despite these features, investors should conduct thorough research before committing. Cryptocurrency investments, as well as lending protocols, are subject to risks.
XRP Community Reacts
The recent announcement comes after Bitstamp teased a “big” development for XRP, sparking high expectations among the XRP community. However, unveiling the 2% APY on XRP lending has left many disappointed, who expected a more groundbreaking revelation.
Notably, yesterday, Bitstamp indicated its intention to “elevate XRP to the next level” with an imminent development, thereby sparking high expectations within the community. As reported by The Crypto Basic, community members engaged in speculation, trying to decipher the nature of the impending development.
Certain XRP proponents speculated that the exchange might be considering a full integration with the native XRP Ledger (XRPL) decentralized exchange (DEX). Alternatively, some suggested that Bitstamp could be planning to unveil significant information regarding Ripple’s stake in the company.
Responding to the announcement today, prominent XRP community figure Dig Perspective stressed that while a 2% APY sounds good, the community is looking for something more significant.
No offense @Bitstamp. 2% is great but we were looking for a bit more,if you have it to share? https://t.co/0iinJWFYi6
— Digital PerspectivesPermaBull? (@DigPerspectives) August 3, 2023
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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