Huobi Global, a leading cryptocurrency exchange has recently rolled out flexible savings products for their global user base. Aside from clients that are seeking higher yields, Huobi is embracing financial empowerment, and introducing products that can service the 1.7 billion unbanked population.
Huobi Crypto Savings
In an environment where traditional banks are offering extremely low interest rates, investors have turned to cryptocurrency markets for better opportunities. In a recent announcement, Huobi Global is offering crypto savings products that offer high annual yields on USDT and Bitcoin. The offering provides more flexibility for Huobi users, giving them a platform that they can invest and earn on. The flexible savings platform allows for deposits and withdrawals at any time, with interest paid out daily. If we compare this to traditional markets, we can quickly see why Huobi has labeled it “flexible.” If an investor parks their assets in interest bearing accounts at a bank, chances are they have some sort of lockup period. This provides little flexibility and minimal liquidity.
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— Huobi (@HuobiGlobal) September 8, 2020
According to Ciara Sun, the Vice President of Huobi Global Markets:
“We have a lot of users who want to keep their assets in one place and want to earn a good profit worry-free. We hear their demand loud [and] clear, we react to it fast.”
At the time of the recent announcement by Huobi, users on the platform were earning 8% annual yields on USDT, and 3.5% annual yields on Bitcoin. The exchange was running a special in which new users were eligible to earn 88% annualized yields for the first week. This promotion is available for USDT and Bitcoin.
Helping The Unbanked Population
Huobi is striving to create financial infrastructure that caters to the unbanked population. According to a press release by the World Bank, there are 1.7 billion unbanked individuals . Unbanked individuals are not serviced by banks, and tend to pay for things with cash, or rely on money orders and prepaid debit cards. The most interesting fact about the unbanked population is that 2/3rd of the 1.7 billion people currently own a mobile phone. Many of these people seek alternative financial services through digital technology. Huobi is pushing forward financial empowerment, and creating a spot where the unbanked can receive various services such as lending, custody, savings, and more.
Huobi Crypto Savings Is Popular In Nigeria
According to the press release by Huobi Global, Nigeria is one of the many regions that values the savings program rolled out by Huobi. In Nigeria, banking institutions have frequent operational issues, and individuals seek quick alternatives.
Daniel Bishuddha, a freelance community manager in Nigeria stated that:
“I use cryptocurrencies and make transactions with my friends and families. The bank we use can be occasionally congested so sometimes it takes 1-3 days to successfully transfer the money. It means I need to run to the bank personally to check for the notification and see if the transaction is successful. Crypto transfer is much more convenient. 70% of my income is paid in cryptocurrencies. “
30,000 USDT For Grabs
Huobi is running a campaign in which they are giving away 30,000 USDT. In order to be eligible, users must deposit at least 100 USDT for 48 hours and enable “auto transfer.” More information on this campaign can be seen here.