Huobi’s savings account roll out: News Explained

Lo and behold; savings account for cryptocurrencies is finally being rolled out. And who is responsible for that? A Seychelles-based exchange, Huobi Global, will launch it on August 20, at 7 a.m. UTC. However, there are certain restrictions, people from China, Hong Kong, Japan, Singapore, United States, Germany, and the United Kingdom are not eligible. 

If you are not residing in any of these areas, congratulations. But you have to go through some steps (Know Your Customer process). It is only available to 1000 users. These accounts will either have 3000 Tether (USDT) or its equivalent Bitcoin value.  

It is quite easy to set up new accounts, allowing people to deposit and withdraw currencies from these accounts. People will also receive a fixed amount of interest daily (88% annualized yield for new account holders). 

Only the web version will be available for now. According to Ciara Sun, vice president of Huobi Global Markets notified that it will be rolled out at a later date. It should be noted that this is not the first attempt at a savings account. US crypto exchange Coinbase also offers these accounts for DAI and USD coin (USDC). 

Aside from that, the concept of crypto-asset lending is also gaining traction. These programs offer better results, however, there are some risks associated with it.