Matrixport Launches ‘BTC-U Range Sniper’ — Returns Up to 200% for Accurate Predictions
The financial asset services platform Matrixport has introduced a variety of new products since the firm raised $100 million in a Series C financing round during the first week of August. Following the launch of the company’s “ETH2.0 Staking Earn” earning service, Matrixport has introduced another service product called “BTC-U Range Sniper” which allows traders to earn high returns when bitcoin values move within a specified price range.
Matrixport Launches Ether Staking and Range Sniper Bitcoin Product
The Singapore-based Matrixport has been unveiling a number of new products after the company revealed it raised $100 million last month. On August 25, the startup launched its “ETH2.0 Staking Earn” earning service, which provides ethereum (ETH) staking at a “low threshold.”
The product allows customers to “earn yield from ethereum lock-up rewards, while simultaneously benefitting from additional token rewards, mining revenues, and better liquidity from related [decentralized finance (defi)] projects.” On September 6, Matrixport revealed another new service called the “BTC-U Range Sniper.”
BTC-U Range Sniper participants can earn annualized returns “between 6% to 200% in either USDT/USDC or BTC” depending on the price of bitcoin (BTC) at the time of settlement.
There are three ways Range Sniper traders can settle. Either by earning a 6% APY minimum if the settlement price is above the given range, or if it is below the given range, “the principal will be converted to BTC with a minimum guarantee of 6% APY.” Lastly, if the chosen settlement price is on point and falls within the range, an investor can earn up to 200% in USDC.
Matrixport Executive: Range Sniper Allows People to ‘Ride Bitcoin’s Innate Volatility’
John Ge, co-founder and chief executive officer at Matrixport, explained that the Range Sniper product can be beneficial, like stablecoins. “Stablecoins are an important fiat on-ramp pathway and have been a great entry point for the crypto-curious,” Ge remarked.
“However,” the Matrixport executive added, “many stablecoin holders now desire to accumulate BTC whilst earning higher yields. ‘BTC-U Range Sniper’ is a user-friendly crypto investment product where we empower users to continue to earn attractive stablecoin yields or ride BTC’s innate volatility to accumulate more BTC.”
Matrixport calls itself a “one-stop crypto financial services” company and the startup details its services clear “$5 billion in monthly trading volumes.” The company competes with a number of exchanges that offer crypto options and perpetual swap products like Deribit, Okex, Ledgerx, and CME Group.
The exchange Deribit commands the top position, as far as bitcoin (BTC) options open interest and volume is concerned, according to Skew Analytics. However, Matrixport owns the derivatives exchange Bit.com, which is often the second or third largest options provider on a monthly basis with Okex.
What do you think about the BTC-U Range Sniper concept? Let us know what you think about this subject in the comments section below.