Bitget Snowball Investment Product to Melt Away Crypto Winter Worries

<p>If fire is
fought with fire, can snow be fought with snow? This is the conclusion that the
cryptocurrency exchange, Bitget has come to. In response to the ongoing,
months-long ‘crypto winter’, Bitget has prepared a new investment product
called Snowball. It aims to provide investors with a stable rate of return
amid the volatile and recently uncertain cryptocurrency markets.</p><p>Bitget Launches Snowball
to Fight Crypto Winter</p><p>Offering up
to 24.5% Annual Percentage Rate (APR) while offering ‘principal protection’,
Snowball aims to provide investors with lower-risk products in the ever-changing
cryptocurrency market. Principal protection is a rule borrowed from the
structured notes market, which guarantees the user that regardless of how the
underlying asset performs, they will receive at least a partial return on their
investment.</p><p>According
to the official press release seen by Finance Magnates, Bitget's
Snowball is not only an investment product but also a reflection of the
company's philosophy to ‘Trade smarter’. Targeting a younger tech-savvy
audience, Snowball is a financial product that is tied to the options market
portfolio. It builds upon Bitget's existing ‘Earn’ feature to optimize returns
while minimizing risk, promising higher yields.</p><p>“At Bitget,
our commitment to empowering users with smart and secure trading solutions is
unwavering,” Gracy Chen, the Managing Director at Bitget, commented. “With the
launch of Snowball, we are redefining the crypto investment landscape.”</p><p>Targeting
the youngest generation of investors is no accident. <a href="https://www.financemagnates.com/cryptocurrency/gen-z-dominates-crypto-copy-trading-space-85-make-profit/" target="_blank" rel="follow">According to a study by Bitget a month ago</a>, Gen Z dominates the crypto trading space, and
85% of investors from this generation are generating profits.</p><p>How Snowball Works</p><p>Snowball is
designed to cater to both bullish and bearish investors. The bullish option
focuses on protecting the principal while anticipating moderate or slight price
increases within specific ranges. On the other hand, the bearish option is
tailored for those who expect moderate or small price decreases within certain
ranges. </p><p>The product
operates based on an ‘observation period principle’, starting from when a user subscribes to Snowball until the <a href="https://www.financemagnates.com/terms/y/yield/">yield</a> is accumulated. During this
period, Bitget observes so-called ‘knock-in’ and ‘knock-out’ prices, which
dictate the level of yield an investor can expect. Users also have the option
for early redemption based on the accumulated APR at the time of application.</p><p>“Snowball
isn't just a product; it's a testament to our dedication to helping users trade
smarter and more confidently in the dynamic world of cryptocurrencies. We
believe that financial innovation should be accessible and safeguarded, and
Snowball embodies this philosophy, providing users with a principled-protected,
yield-optimizing, and flexible investment tool,” Chen added.</p><p>Bitget’s New Products and
Markets</p><p>Over the
past few months, Bitget has made headlines with strategic
changes and collaborations. A couple of weeks ago, the company announced its
integration <a href="https://www.financemagnates.com/cryptocurrency/bitgets-clearloop-integration-institutional-traders-get-off-exchange-settlement-solution/" target="_blank" rel="follow">with Copper's ClearLoop network</a>, a move aimed at providing
off-exchange settlement solutions to institutional clients. This partnership is
designed to enhance the security of digital assets, reduce counterparty risks,
and optimize capital efficiency.</p><p>Five years
after its launch, BitKeep, a multi-chain non-custodial crypto wallet with 10
million users across nearly 170 countries, has <a href="https://www.financemagnates.com/cryptocurrency/from-bitkeep-to-bitget-popular-crypto-wallet-rebrands-launches-swap-offering/" target="_blank" rel="follow">rebranded to Bitget Wallet</a>. This
name change follows Bitget's <a href="https://www.financemagnates.com/terms/a/acquisition/">acquisition</a> of BitKeep and a subsequent $30
million capital injection earlier in March.</p><p>In the
meantime, Bitget has <a href="https://www.financemagnates.com/cryptocurrency/bitget-joins-bybit-and-okx-in-newest-dubai-crypto-push-opens-local-office/" target="_blank" rel="follow">initiated operations in downtown Dubai</a>, hiring 60 new
employees for various mid and back-office roles. The company is considering
making Dubai its operational hub for the Middle East market. As part of its
expansion strategy, Bitget is working on securing the necessary licenses and
regulatory approval to open regional offices.</p><p>In July,
Bitget launched a new product <a href="https://www.financemagnates.com/cryptocurrency/bitget-steps-into-cryptocurrency-lending-with-dual-coin-approach/" target="_blank" rel="follow">called 'Crypto Loans'</a>, catering to the increasing
demand for digital lending solutions. This new offering is expected to attract
users who have been dissatisfied with the credit options provided by
traditional banks.</p><p>In May,
after obtaining a virtual asset service provider registration <a href="https://www.financemagnates.com/cryptocurrency/crypto-trading-exchange-bitget-expands-into-lithuanian-market/" target="_blank" rel="follow">in Lithuania</a>,
Bitget secured a similar registration <a href="https://www.financemagnates.com/cryptocurrency/bitget-continues-european-expansion-with-polish-registration/" target="_blank" rel="follow">in Poland</a>. According to a press release, the crypto exchange aims to offer Polish users a more secure and transparent trading experience.</p>

This article was written by Damian Chmiel at www.financemagnates.com.