On Wednesday, August, 2, crypto exchange Bitstamp made a cryptic tweet teasing a new announcement and development for XRP. The exchange kept its promise and made the announcement. However, did it live up to the expectations and hype?
The Big Announcement
Popular digital asset exchange platform Bitstamp has recently unveiled its highly anticipated XRP announcement. The new feature allows users to stake their XRP holdings and earn long-term 2% APY in rewards. This offering is part of the platform’s creative Bitstamp Earn Lending Program, which offers users a reliable and secure means to lend their XRP holdings and earn rewards in return.
Bistamp’s lending service stands out because of its numerous benefits that provide participants with confidence in the whole lending procedure. Bitstamp will also not convert or lend users’ assets without explicit consent and instructions. To partake in XRP staking, users of the platform can easily navigate to the Earn Lending column on Bitstamp. While on the section, they will be offered an option to stake their XRP and earn the mouth-watering 2% APY rewards.
To bolster trust and entrench transparency, Bitstamp has partnered with Tesseract, a renowned firm that is specialized in exclusive lending to trusted borrowers. Tesseract will conduct thorough credit and risk evaluations on all prospective borrowers, thereby augmenting the general safety and reliability of the lending service.
Bitstamp will also render monthly performance reports to enhance transparency. The reports will cover key metrics, such as the risk profile of borrowers, portfolio concentration, and collateral levels.
XRP price shakes off Bistamp announcement | Source: XRPUSD on Tradingview.com
Members of XRP React
The recent announcement has sparked a wave of expectations and reactions within the XRP community. The announcement of the 2% APY on XRP lending has been met with disappointment as community members expected a more groundbreaking revelation.
Community members had previously speculated on the nature of the announcement, with some XRP proponents speculating that Bitstamp may consider a full integration with the XRP Ledger (XRPL) decentralized exchange (DEX).
Popular XRP community members like Dig Perspective emphasized that while the 2% APY looks good, the community expected something more remarkable.
— Digital PerspectivesPermaBull???? (@DigPerspectives) August 3, 2023
Whichever way it goes, it remains to be seen if Bitstamp will live up to its promises.
XRP’s price is currently trading at $0.66, representing a 0.65% and 7.17% decline on the daily and weekly charts, respectively.
Featured image from iStock, chart from Tradingview.com