Bit.com, a full-suite cryptocurrency exchange, announced the launch of ‘Bit.com EARN’, an earning platform that allows users to stake their digital assets and get up to 30% APY on their savings. The newest savings product follows the recent introduction of Unified Margin (UM), a unique risk management platform that offers a single account for all trading, including spot, derivatives, futures, etc.
Bit.com is a fully-fledged and licensed cryptocurrency exchange founded by Matrixport, an integrated financial services firm headquartered in Singapore. Launched in mid-2020, the crypto exchange has supported the trading of digital assets across a number of financial products, including perpetual contracts, futures, and options products. Bit.com is famously known as the first crypto exchange to launch Bitcoin Cash ($BCH) options and ranks as the second-largest crypto options platform in the Bitcoin ($BTC) and Ethereum ($ETH) markets.
Bit.com launches “EARN” savings platform
The latest savings product is in line to give Bit.com users better earning opportunities on the platform while providing a lower risk to the traders. Bit.com EARN savings offers a fixed savings platform with competitively high APYs of up to 30% on various digital currencies including Tether ($USDT), Circle’s USD ($USDC), $BTC, $BCH, Dogecoin ($DOGE), Polkadot ($DOT), $ETH, Chainlink ($LINK), Litecoin ($LTC), Shiba Inu ($SHIB), Sushiswap ($SUSHI), and Uniswap ($UNI).
The fixed savings product offers almost zero-risk and high rewards, creating a channel for users to make a passive income from their savings. New users, both new registrations and existing Matrixport users who are new to savings, can enjoy a 30% annual return rate for 8 days.
The launch of the EARN product is in line with the company’s commitment to providing users with ever-evolving products that allow them to yield more in the crypto market. Bit.com is committed to providing price discovery, trading strategy execution, and liquidity provision services, offering a wider listing service for digital assets, and driving financial product innovation in the space. The savings product is available on the Bit.com mobile app.
Additionally, the EARN platform is supported by Matrixport. This saves existing users the trouble of transferring the funds back to their Matrixport account to earn savings interest when they are not trading. Bit.com aims at growing the crypto finance space while bringing back the benefits to the wider Matrixport family.
Bit.com introduces the Unified Margin (UM) account mode
Apart from their savings product, Bit.com also recently announced the introduction of the ‘Unified Margin’ feature, a first-of-its-kind financial product that lets traders control and manage their spot, features, margins, perpetual, and options trading under a single account. This essentially allows advanced trading and easier risk management, which may minimize the overall losses for traders.
“The Unified Margin Account proves bit.com’s commitment to being a high-performance cryptocurrency exchange while offering an easy and secure trading experience for its users,” a statement from the team read.
With the UM account, all collateral cryptocurrencies in the unified account are shared as USDT denominated margin to improve capital utilization, thus lowering the risk of being liquidated. The USDT margined futures join the USDT margined perpetual swaps as the crypto derivatives that allow users to build long or short positions and earn profit from the rising/falling of the price of the underlying asset. These are paid out in USDT.
Finally, in the UM mode, the profit and loss of multiple positions you hold will be combined and offset against each other. This means that a loss in a particular position will not necessarily trigger forced liquidation, but only when the overall account risk reaches a critical level
