Renowned cryptocurrency exchange, Huobi Global, is now rolling out cryptocurrency savings accounts product from tomorrow i.e. 20th August.
The new product will go live at 7:00 a.m. UTC on 20th Aug., with availability restricted to certain jurisdictions. Residents of China, Hong Kong Japan, Singapore, the U.S., Germany, and U.K. are, for now, not eligible for the offering.
All others who wish to use for a cryptocurrency saving account will need to first undergo KYC [Know Your Customer] check points.
Moreover, Huobi’s new crypto savings product is going to be available to roughly 10k users. Each individual account will have a 3,000 Tether [USDT] limit – or the equivalent value in Bitcoin [BTC].
The set-up for the new accounts is flexible, permitting users to form deposits and withdrawals at any time. Interest will be paid out daily to users’ crypto savings accounts, with support for real-time settlement. For “newbies,” Huobi is offering a specialized account rate with an annualized yield of 88%.
As well as being geographically limited, the crypto bank account isn’t yet available for Huobi’s mobile version. Ciara Sun, the vice chairman of Huobi Global Markets, has said this feature will be unrolled at a later date.
Sun also revealed that the momentum behind the new product was user-driven, claiming:
“We have tons of users who want to secure their assets in one place and want to earn an honest profit worry-free. We hear their demand loud [and] clear, we react thereto fast.”
Huobi isn’t the primary cryptocurrency exchange to explore savings accounts. An another United States based cryptocurrency exchange Coinbase has unrolled similar offerings for tokens like Dai [DAI] & USD Coin [USDC].