Three months after launching its rewards program for people who invest in USD stablecoin and bitcoin, the Mexican cryptocurrency unicorn Bitso announced changes amid the sharp falls that crypto assets have registered in recent months.
As of next Monday, August 8, they are reduced by almost 50%: clients who invest in bitcoin will receive bonuses of 2% instead of the current 5% and those who invest in USD stablecoins will receive 8% instead of 15%.
At the close of this Thursday, a bitcoin was worth 22,662 dollars, a level very far from the 67,582 dollars that it was trading at the beginning of November 2021, according to Google Finance.
“Our company is on a mission to make crypto useful. That also means providing best-in-class products and services that are adaptable to industry dynamics. It’s natural to make rate adjustments when market conditions change,” Bitso said. to Expansion.
The platform stressed that its objective is to offer the best possible performance, but that this plan must also be adapted to market conditions.
How will Bitso give the returns?
The price of Bitcoin has fallen more than 40% since the beginning of the year, according to data from Investing. The world’s most famous cryptocurrency went through a crisis, which was known as “crypto winter”, as they lost more than 800,000 million dollars in market value.
This behavior caused the firm to encourage its clients to invest in these currencies to try to contain, without success, the sale of positions, according to analysts consulted by Expansión.
“Giving money in this way falls into a complex paradox, since the money that the asset (bitcoin and USD) is going to return to you is not going to be enough compared to the money lost,” Cipactli Jiménez, a private investor, considered in an interview.
For the specialist, giving money to clients as the firm does can be dangerous since there are cases like that of LUNA, a company sponsored by a company called Terra and that promised its clients to return interest of 10% monthly. In the end, they couldn’t pay their clients and they lost 99% of their capital.
In addition to this adjustment, the Mexican unicorn announced at the end of May the dismissal of 80 employees globally as part of its “long-term business strategy.” But not everything has been bad for the company, as it recently reported that it reached one million users in Brazil.
