Huobi’s new savings account offers new users up to 88% annual returns on crypto holdings
Huobi DeFi Labs has announced the launch of a crypto savings account. The service operates continuously, allowing customers to deposit and withdraw at any time.
Each account carries a limit of 3,000 Tether and pays interest daily. According to the company, new users can receive an annual yield of up to 88% when they register.
Ciara Sun, Vice President of Huobi Global Market, said the development of the new product responds directly to user needs and sentiment about how best to use crypto assets when they are not being traded.
Sun commented:
“We have many users who want to keep their assets in one place and earn a solid return without worry. We hear their demand loud and clear, and we are responding quickly.”
While Huobi listens to its users, regulatory restrictions prevent people in many countries from using the new service. Currently, users from China, Hong Kong, Japan, Singapore, the United Kingdom, Germany, and the United States are not eligible.
Additionally, the service is not yet available on Huobi Mobile; that is expected to change at a later date.
Advancing DeFi
DeFi’s capabilities continue to expand, increasing the potential to drive global adoption of crypto and blockchain technology. In response to this trend, Huobi established Huobi DeFi Labs to focus on incubating and developing DeFi projects.
Huobi also helped found the Global DeFi Alliance, a consortium made up of various DeFi developers and service providers. Notable members include MakerDAO and Compound—the team behind the COMP token—which played a significant role in the recent DeFi growth.
According to Compound founder Robert Leshner, the consortium shares a common ideology and standards aimed at creating “fair, efficient, transparent, secure, and globally accessible financial markets.”
The alliance’s goal is to jointly promote worldwide DeFi adoption under shared standards. Significant work remains: national regulations are among the chief obstacles to broad DeFi adoption.
Many countries maintain hostile stances toward cryptocurrencies, so DeFi ecosystems are likely to face resistance in jurisdictions such as China and India that have spoken against crypto use. As cryptocurrencies gain popularity globally, this anti-crypto posture may become more problematic, because blockchain development does not automatically equate to a supportive crypto infrastructure.