19% Annual Returns on Cryptocurrency Trades in Colombia?

  • Crypto platform Let’sBit has launched a new tool that offers investment services in pesos and dollars.
  • The service operates with more than 25 different cryptocurrencies, offering daily payments and the highest return rate in the market.
  • The Colombian crypto asset market reportedly has exceptional potential for future growth.

Crypto exchange ‘Let’sBit’,which operates in the Colombian market, is offering its clients the possibility to trade on a new investment platform that promises automatic annual returns of up to 19%.

 

The platform allows the trading of cryptocurrencies with investments available in pesos and dollars, while extending more than 40 pair options to its users. It also offers international transfer services, and other crypto investments.

In the last two years, Colombia has experienced a significant boom in the adoption and use of cryptocurrencies. So much so that it has become the country with the most extensive network of cryptocurrency ATMs in Latin America, according to data from Statista.

Let’sBit is a decentralized finance company that, as with all DeFi projects, manages various investment instruments automated by smart contracts. Its commercial operations come at a lower cost, which explains why the rates it offers are higher than those of traditional banking, in addition to the fact that there is less liquidity.

"We want to bring all the possible benefits of cryptocurrencies to users and, in this way, ensure that they can have total control and freedom to manage their finances," Laura Rodríguez, national manager of Let'sBit in Colombia, told Semana magazine.

How the Service Works

In order to start trading on the platform, users must choose the cryptocurrency of their choice, or the one through which they wish to generate daily returns. Among the 25 cryptocurrencies available are: BTC, ADA, ETH, BNB, ARS, CAKE, DOC, DOT, DAI, Luna, Matic, PAX, SOL, USDC, USDT and more.

User’s then select the rate that they consider the most convenient, according to the investment strategy chosen while also taking into account that the rate of return varies according to the selected cryptocurrency.

Every day at 1:00 p.m. (PT), traders can see their earnings reflected on the platform. According to the company, users can withdraw their money daily at any time.

The company affirms that there are multiple benefits for users taking advantage of the new investment tool, among them being the highest rate of return in the market (up to 19%), daily payments, and a variety of protocols (composition, expected return and expected risk).

It highlights that there are no minimum amounts required to start operations, and the platform provides a quality customer service team offering personalized support to help solve any problems or clarify any doubts that users might have.

“We always seek to offer understanding and speed when investing. With this new service on our platform, we want the user to find in one place the way to carry out different operations, just one click away”, assured Rodríguez.

On the Flipside

  • The rapid growth of investments, and the use of cryptocurrencies in Colombia and other Latin American countries, is directly linked to inflation rates and the not insignificant unbanked portion of the country.
  • On the other hand, the drug trafficking business also attracts capital that uses crypto for money laundering operations. 

Why You Should Care

  • Colombia’s annualized inflation in February climbed to a surprising 8.01%, according to the National Administrative Department of Statistics (Dane), with a monthly variation of 1.63%, which was above market expectations.
  • Colombians are looking for ways to protect their money through short-term investments to combat the price escalation which mainly affects the education, food, and household goods sectors.
  • There is clear interest from exchanges like Binance to enter into the market which promises huge opportunities for expansion in the upcoming years.

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    This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

    Author

    Santiago is a Venezuelan blockchain reporter specializing in economic and financial issues, with special emphasis on stablecoin trading as well as political and regulatory issues related to Latin America. Every day he reviews and analyzes movements in the crypto market to offer readers first-hand information that can help them make sound decisions in the exciting world of crypto.