On Wednesday, August 2, crypto exchange Bitstamp made a cryptic tweet teases a new announcement and development for XRP. The exchange kept its promise and made the announcement. However, did it live up to expectations and hype?
The big announcement
The popular digital asset exchange platform Bitstamp has recently revealed the highly anticipated XRP announcement. The new feature allows users to stake their XRP holdings and earn 2% APY in rewards over the long term. This offering is part of the platform’s creative Bitstamp Earn Lending program, which provides users with a reliable and secure way to borrow their XRP holdings and earn rewards in return.
The Bistamp lending service is distinguished by the many benefits that give participants confidence in the entire lending procedure. Bitstamp will also not convert or lend user assets without express permission and instructions. To participate in XRP staking, users of the platform can simply navigate to the Earn Lending column on Bitstamp. While on the section, they are presented with an option to stake their XRP and earn the mouth-watering 2% APY rewards.
To bolster trust and enshrine transparency, Bitstamp has teamed up with Tesseract, a reputable company that specializes in exclusive loans to trusted borrowers. Tesseract will conduct thorough credit and risk assessments on all potential borrowers, enhancing the overall security and reliability of the lending service.
Bitstamp will also display monthly performance reports to increase transparency. The reports cover key metrics such as borrower risk profiles, portfolio concentration and collateral levels.
XRP price shakes off Bistamp announcement | Source: XRPUSD on Tradingview.com
Members of XRP Respond
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 about the nature of the announcement, with some XRP proponents speculating that Bitstamp may be considering full integration with the XRP Ledger (XRPL) decentralized exchange (DEX).
Popular members of the XRP community like Count perspective stressed that while the 2% APY looks good, the community expected something more remarkable.
Not offensive @Bitstamp. 2% is great, but we were looking for something more, if you want to share? https://t.co/0iinJWFYi6
— Digital PerspectivesPermaBull
(@DigPerspectives) August 3, 2023
Whichever way it goes, it remains to be seen whether Bitstamp will deliver on its promises.
The price of XRP is currently trading at $0.66, representing a drop of 0.65% and 7.17% on the daily and weekly charts respectively.
Featured image from iStock, chart from Tradingview.com
