Bitstamp Crypto Exchange Announces XRP Announcement - Does It Live Up to Expectations?
On Wednesday, August 2nd, the cryptocurrency exchange Bitstamp made a cryptic tweet announcing a new announcement and development for XRP. The exchange has followed through on its promise and made the announcement. However, did it fulfill expectations and hype?
The Big Announcement
The popular digital asset exchange platform, Bitstamp, has recently revealed its highly anticipated XRP announcement. With the new feature, users can stake their XRP holdings and earn 2% APY in rewards in the long term. This offering is part of the platform's creative Bitstamp Earn Lending program, which provides users a reliable and secure way to lend their XRP holdings and earn rewards in return.
Bitstamp's lending service boasts several advantages that give participants confidence in the entire lending process. Bitstamp will also not convert or lend users' assets without explicit consent and instructions. To participate in XRP staking, users simply need to navigate to the "Earn Lending" section on Bitstamp's platform. While in this section, they will be offered the opportunity to stake their XRP and earn the delicious 2% APY rewards.
To strengthen trust and enhance transparency, Bitstamp has partnered with Tesseract, a reputable company specializing in exclusive lending to trusted borrowers. Tesseract conducts thorough credit and risk assessments on all potential borrowers, thus increasing the overall security and reliability of the lending service.
Furthermore, Bitstamp produces monthly performance reports to increase transparency. These reports include key metrics such as borrowers' risk profiles, portfolio concentration, and collateral amounts.
XRP Reacts
The recent announcement has sparked a wave of expectations and reactions within the XRP community. The announcement of a 2% annual interest rate for XRP loans has been met with disappointment as community members were expecting a more groundbreaking revelation.
Community members had previously speculated on the nature of the announcement, with some XRP enthusiasts speculating that Bitstamp might consider a full integration with the XRP Ledger (XRPL) decentralized exchange (DEX).
Prominent XRP community members, such as Dig Perspectives, emphasized that while the 2% annual interest rate looks good, the community expected something more remarkable.
Regardless of how it plays out, it remains to be seen if Bitstamp will deliver on its promises.
As of now, the price of XRP stands at $0.66, representing a decrease of 0.65% and 7.17% on the daily and weekly charts, respectively.
Image source: Tradingview.com
