“We are going to cut returns starting next week,” said Daniel Vogel, CEO of Bitso.
The executive did not offer more details about the new percentage that will be offered starting next week.
This is the second time that Bitso reduces the extra returns it gives to its clients. The first reduction occurred in May, when the Luna collapse occurred.
The Bitso+ benefit was launched in 2021 and started with returns of 15% on stablecoin and 6% on bitcoin.
Bitso without exposure to FTX
FTX is a cryptocurrency exchange that has been accused of mismanagement and is under regulatory scrutiny.
Voguel assured that Bitso has no direct or indirect exposure to FTX and that yields drop to monitor the effect of this bankruptcy.
“We do not have any direct or indirect exposure. We have funds that generate returns and only when a client authorizes us, we lend them. When we see situations like that of FTX, our policy is to retake the positions of the funds, the loans we make are term open and that means we can order them back immediately,” Vogel said.
