BitMEX, a leading crypto derivatives exchange has announced the launch of its latest product dubbed BitMEX EARN. According to the firm, BitMEX EARN is a new product that offers low risks and high returns to users. Notably, anyone can simply allocate Tether tokens for a specified amount of time to receive compounded interest.

Although there is high competition in the crypto industry, the company is confident users have a concrete reason to prefer its products. Moreover, it offers up to 14% in annual percentage rate (APR), which is relatively higher than its competitors. Additionally, the BitMEX EARN product is fully backed by the company’s insurance fund. Notably, BitMEX’s insurance fund is one of the largest in the crypto industry with up to $1.5 billion fully covered.

Worth noting, the BitMEX EARN product has a vantage point over its competitors as the firm does not have requirements for staking. Thereby giving all of its customers a similar rate.

Having been unveiled today, users can deposit Tether USDT to their account to start enjoying the high returns.

“EARN up to 14% APR: For the maximum USDT deposit, BitMEX users will be able to earn about USDT 3,000 by maturity. Multiple products will be offered, maturing after 30 days. Deposits are capped at USDT 250,000 per user,” the company noted in a press release.

At a time when volatility is high and particularly on the negative gains, the use of Tether USDT is strategic.

Alexander Höptner, CEO of BitMEX, said: “Clever investors are no longer settling for low single-digit interest-bearing products offered in traditional finance, and are instead turning to crypto firms like BitMEX to earn high interest on their Tether/USDT. At a time when inflation is damaging the purchasing power of fiat currencies, products like BitMEX EARN are serving an important role in a trader’s strategy. Our EARN product is the best on the market because what you see is what you get – no deceptively high rates only unlocked by staking, and fully backed by the BitMEX insurance fund.”

As a principal partner of the AC Milan football team, BitMEX has come up with a marketing plan in conjunction with the team. “Anyone who successfully subscribes to BitMEX Earn before the end of December 2021, and holds their investment to its maturity date, whether after 7 or 21 days, will be entered into a prize draw to win official AC Milan prizes including exclusive meet and greet opportunities with AC Milan players; tickets to home matches at the San Siro stadium; and jerseys,” the company noted in its official website.