BiTrue Yield Farming Went Live Combining CeFi and DeFi

BiTrue, the crypto investment platform continues on with its reinventions as the hybrid exchange that is among the few to combine CeFi and DeFi. In 2020, BiTrue’s executive made no secret about their wish to incorporate the best elements of the Defi space into their centralized exchange so let’s learn more about it in the latest blockchain news.

The platform’s yield farming and mining service went live today, giving the users a way of earning passive returns on their staked assets. Yield Farming was the popular way of Defi that dominated the markets this summer, promising a supply of new tokens to users who locked them into decentralized protocols. BitTrue took this model and applied it to its centralized platform, giving the users more exposure to yield farming without the systematic risks like the smart contract bugs and high gas fees.

Bitrue #YieldFarming is now live 🥳 If you've updated your app to v4.3.0 you'll see the new #Defi option on your homepage. The 1st investments will start in about 3 hours with up to 500% APY on $BFT & $FNX, with more opportunities coming soon. Read more – https://t.co/2u5XKMy7E5 pic.twitter.com/HWYqIMFTUP

— Bitrue (@BitrueOfficial) November 2, 2020

Yield Farming has now officially launched in the Bitrue app so users that are running the latest version of the mobile app will be able to find it under “Defi.” The initial period that it set for locking funds stands at a week during which the platform will invest in user funds into various DeFi protocols and will even collect earnings on their behalf. Users that lock of their USDC will receive FNX in return with an expected APR of 60%.

To supplement this service, Bitrue is launching another service called Bitrue mining pool which intends to do the same as yield farming in that it generates a return for the users that stake tokens. in this case, locking XRP and BFT into mining pools will enable Bitrue users to earn coins and the APR is even calculated at 500%. Bitrue has promised that the initial yield farming and mining pools are just a piece of what’s in the store. The new pools will be added and there will be another way to earn yields from staking assets. also, the platform allows users to become eligible to receive a sign-up bonus of 200 BFT.

Bitrue #YieldFarming starts in a few hours, with investment opportunities that can bring you APYs as high as 500% on $BFT & $FNX! Yield Farming will be APP ONLY at first, please ensure you update to version 4.3.0 on iOS and Android to take part ✌️

Info @ https://t.co/JGtVQzY8ml pic.twitter.com/q7meA4007p

— Bitrue (@BitrueOfficial) November 2, 2020

Yield farming and mining are not the first forays in DeFi for biTrue as earlier this year the exchange launched PowerPiggy which is a service that enables users to earn passive interest from lending. The CEO of the platform Curis Want spoke about the desire to see Cefi and DeFi married and create another hybrid solution that builds upon the power of crypto verticals. For beginners, the world of DeFi can be quite confusing due to its complexity of interacting with decentralized protocols. Centralized exchanges can overcome these issues by delivering automated strategies that earn yield on behalf of the users.