Bit2Me Earn, is a kind of savings account that offers rewards of up to 20% in cryptocurrencies to their owners, it got reserves worth 27 million in one hour. This was communicated by Leif Ferreira, CEO of the company, who explained that the figure was reached when opening early access for token holders. The service will be available from January 1, without commissions and with the freedom to add and withdraw money at any time.
Ferreira explains in his Linkedin profile that the operation is similar to the interests of banks in the traditional world, with the difference that banks now charge you for having your money.
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Bit2Me’s new service is very similar to cryptocurrency staking. Staking consists of holding virtual currencies in a crypto portfolio to support the security and operations of a blockchain network. In exchange you get rewards in cryptocurrencies.
Bit2Me and the cryptocurrency savings account
In the case of Bit2Me Earn, the service offers up to 20% in rewards in traditional cryptocurrencies and up to 300% in percentage reward per year (APY) in B2M, the virtual currency developed by Bit2Me. The system is based on the law of supply and demand and does not have any type of commission. The platform can be used initially with cryptocurrencies such as B2M, Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), USD Coin (USDC) and Tether (USDT). However, the range of virtual currencies will expand in the coming months.
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As highlighted by Bit2Me, the enormous complexity of Decentralized Finance (DeFi) management for the vast majority of users has been the main obstacle to its expansion. According to the company, Bit2Me Earn democratizes access to DeFi with one of the simplest, most flexible and competitive reward services on the global market.
Ferreira indicates that Bit2Me has incorporated two key figures in the sector into its team. As is the former president of Mastercard, Baldomero Falcones, and the former CEO of Coinbase in Europe, Zeeshan Feroz. Leif affirms that with them they have designed a service that, unlike those that exist in the competition, users can generate cryptocurrencies with a simple click and without doing anything. Just for storing your cryptocurrencies in the Bit2Me wallet.
Strike and Bit2Me
In its statement, the company indicates that users staking with the B2M token will be automatically participating in the B2M “Farming Pool”. A function that will allow users to generate higher rewards with their tokens. In addition to staking, B2M holders can access other advantages and benefits just by keeping their tokens within the platform. For example, B2M allows users to access bonuses of up to 90% on commissions for operations within the Bit2Me platform.
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Likewise, the company’s utility token will allow its holders to participate in governance consultations and will unlock new functions and utilities within the platform in the following months. B2M will also be integrated with the cryptocurrency debit card Mastercard, which is about to be launched. Which will allow users to pay with cryptocurrencies in any of the 40 million merchants that accept payments with Mastercard in the world.