The crypto industry is witnessing the rise of a new leader in principal-guaranteed instruments as the global Bitget crypto derivatives exchange has ratcheted up the APR of its Shark Fin investment product to 5%. The update is a considerable boost to the product’s capabilities, which were previously set at a basic yield of 1-2%.
What Is Shark Fin?
Shark Fin is a principal-guaranteed investment product that allows its users to receive the principal and interest at a predetermined date after the end of the subscription period. The instrument is best suited for conservative investors willing to receive stable incomes without having to worry about considerable requirements or limitations that can be applied in the case of high-risk ventures. A seven-day lockup period will have to be applied for investors to take advantage of the 5% APR and substantial asset price fluctuations avoided, otherwise a basic 1-2% APR will be applied. Investors with higher-risk appetites will have the opportunity to earn up to 24% APR for abiding by certain conditions.
Shark Fin takes its name from the similarity of its yield curve with the fin of a shark. The name reflects the instrument’s market behavior as it accrues interest over the subscription period.
Gracy Chen, the Managing Director of Bitget, which is currently undertaking considerable steps to expand its market presence, had the following comment regarding the launch of the updated Shark Fin product:
We are excited to announce the latest upgrade to our Shark Fin product, which is aimed at meeting the increasing demand from traders for high-yield investment options in the crypto market, and improving the overall profitability of investing. With Shark Fin, users can now access even higher basic APR, enabling them to maximize their returns on investment.
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Bitget is currently applying its new ‘Go beyond derivative’ marketing strategy, which entails the exchange’s diversification of services lineups to reach new audiences of users. The exchange is attempting to combine the best features of CeFi and DeFi through the approach of releasing new and innovative products. Among the latter was the Dual-Investment financial product, which allows users to earn a profit on the price difference of two types of cryptocurrencies at a specific date.
The exchange’s efforts at diversification also extend to partnerships with various companies. Among the most recent was the sponsorship of the Juventus Women’s Team as part of Bitget’s ongoing cooperation with Juventus as a sleeve partner for the 2022-2023 season.