Each saving position in bitcoin lasts for 90 days.
With 0.01 BTC in the savings program, interest would be 0.00012329 BTC.
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Binance users can now have a bitcoin (BTC) savings account within the platform. The exchange announced this Thursday, March 4, the inclusion of the main cryptocurrency in the market and 5 other currencies in its savings program, with which they offer returns for the holding of assets during a certain period of time.
Through a short statement, the cryptocurrency trading site exposed the arrival of bitcoin and COS tokens in savings, from Contentos, a project that runs on the Binance blockchain; DUSK, from the network of the same name, focused on privacy; the Elrond smart contract network (EGLD) token; PHA, from the Phala cloud services network; and RIF, from the Bitcoin side chain, RSK.
The exchange defines the savings program as “a value-added service for Binance users who have inactive digital assets.”
Each case has a different period and interests. For bitcoin, each saving position is 0.01 BTC, which the user must hold for 90 days. The interest rate for BTC positions is 5% annualized, so each position generates in those three months 0.00012329 of profits, the statement states.
For the rest of the currencies, the holding periods are 14 or 21 days, with annualized percentages of 10%, 12%, 13%, 15% or 30%. The latter is the case of RIF, the currency with the highest percentage of the program.
The savings program has a limit of 300 BTC. That is Binance will only keep that amount in total during each period. Each user can keep a maximum of 10 BTC in savings. The subscription period is between this March 4 and 5, for the first period, and it is filled in order of arrival.
The information note explains that entry to each product will be closed “once the limit is reached.” In addition, it states that Binance could adjust the program, its assets and interest rates based on “market conditions and our internal risk management.”
Binance, savings and trading services
In the terms and conditions section, the exchange explains that “Binance Savings assets will be used in leveraged cryptocurrency loans and other businesses.” That is, the funds deposited go to other services of the platform during the period of the savings plan. In the case of bitcoin: 90 days.
In its offer of services, Binance has not only savings plans. Within the same platform, users can trade in different ways, including futures, leveraged margin trading and even P2P, where users can exchange cryptocurrencies and stablecoins for fiat money directly with other market participants, as CriptoNoticias has reviewed.
Created in mid-2017, Binance is currently the largest volume-moving bitcoin exchange in the cryptocurrency market. In the last 24 hours, we talked about more than $ 20,000 million, in LiveCoinWatch data. That number is three times that of the second-highest volume exchange, Huobi.