Matrixport Launches ‘BTC-U Range Sniper’
Matrixport is a Singapore-based financial asset services platform, 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 several 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 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 at the time of settlement.
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 several exchanges that offer crypto options and perpetual swap products like Deribit, Okex, Ledgerx, and CME Group.
