Bithumb Raises the Stakes: Announces 2.0% Annual Interest on Customer Deposits

Bithumb Raises the Stakes: Announces 2.0% Annual Interest on Customer Deposits

Bithumb, one of the leading cryptocurrency exchanges in South Korea, recently announced that it will be offering an annual interest rate of 2.0% on customer deposits, effective July 19, 2021. This move places Bithumb ahead of its competitors, as Upbit currently offers 1.3%, Coinone offers 1.0%, and GOPAX offers 1.3%. Korbit has not yet announced its interest rate on customer deposits. Bithumb's decision to increase its interest rate is a strategic move to attract and retain customers in a highly competitive market. By offering a higher interest rate, Bithumb is incentivizing customers to deposit their cryptocurrency with the exchange, which could increase liquidity and trading volume. It also aligns with the growing trend among cryptocurrency exchanges to offer additional services and benefits to their users. This development is expected to have a positive impact on the cryptocurrency market in South Korea. By encouraging customers to hold their cryptocurrency on exchanges, it could increase the stability and liquidity of the market, making it more attractive to investors. Additionally, it could drive competition among exchanges to offer even more competitive interest rates and services, ultimately benefiting customers.