The crypto industry is currently a hotbed of innovation that enables the development of a whole new futuristic world of finance based on cutting-edge technology.
Much of the allure of cryptocurrencies is due to their function as robust and profitable stores of value.
To capitalize on this blossoming trend while offering users unrivaled returns on their crypto investments, Phemex will be launching its two new Earn Crypto saving accounts this month. These options will offer as much as 10% APY. Here’s what you need to know.
The cryptocurrency ecosystem has grown to become way more than mere buying, selling, or trading digital assets. The DeFi boom demonstrated that holders of this emerging asset class are seeking savvy ways to earn a yield on otherwise idle cryptos.
These investors hold cryptocurrencies for the long term and are attracted by the promise of earning additional profits by doing nothing more than holding their coins that same way they would have been anyway.
The ex-Wall Street traders who built Phemex pay close attention to the demands of the market. They are now furthering this growing trend by releasing two types of Earn Crypto saving accounts on January 18, 2021.
The two types of savings accounts are broken down further into flexible and fixed. The flexible savings account focuses on those looking to avoid long-term commitments and want to withdraw earnings or even their base crypto capital at any given time. Phemex is guaranteeing at least 7% estimated annual APY on a maximum deposit of 50,000 USDT.
The larger the deposit or, the longer the savings period, the greater the return on investment will be. Interest payments are awarded daily, allowing investors to choose to take the money off the top or let it compound into more and more crypto.
The fixed savings account locks deposits up for incremental periods of seven days. Phemex will offer these accounts an estimated 10% APY, but earnings will be awarded on a weekly basis. Like the flexible account, the maximum USDT deposited is capped at 50,000 USDT but is available at as little as 100 USDT.
For more information on Phemex’s new Earn Crypto flexible and fixed savings accounts, visit the official website.
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