All crypto traders are intimately familiar with the risks and the volatility associated with these assets. To protect themselves from drastic price swings, they often seek refuge through stablecoins such as USDT. For periods in between trades, when funds sit unused, Phemex will soon offer a way for these cryptos to passively generate some income as well. The official release date is on January 18, 2021.
These crypto asset management products will allow users to park their crypto assets for a certain duration, providing liquidity to a Phemex investment fund and in return, will earn a certain percentage as interest on their deposits.
With these crypto asset management solutions, users will earn some guaranteed income, without the need to trade or monitor the market. Given these advantages, such solutions are increasingly in more demand.
Phemex Enters the Crypto Fund Management Space
Phemex, the fastest crypto and futures trading platform, is announcing the launch of its own crypto asset management products. The Earn Crypto program is designed with the industry’s needs in mind, offering two solutions – Flexible Savings Account and Fixed Savings Account. With these products, the platform joins industry giants like Binance, except it will offer much better rates for a promotional period. The platform intends to create more accounts and rates in the future as well.
Flexible Savings Account
The first of many products to come, the Flexible Savings Account offers a risk-free investment option capable of generating an estimated APY of 7%. This account type allows investors to deposit and withdraw their funds at any time without any penalties, thereby ensuring they always have access to liquidity if needed.
Investors can deposit up to 50,000 USDT into the flexible savings account. The interest earnings are credited to the account by the end of each day. If the user wishes to continue investing, the daily interest will be added to the…