Bithumb & Upbit Adjust Deposit Interest Rates | Crypto Interest Rate Increase

IconCryptoNewsTerminal Staff19 Jul, 2024

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Bithumb & Upbit Adjust Deposit Interest Rates | Crypto Interest Rate Increase

Bithumb and Upbit, two of South Korea's largest cryptocurrency exchanges, have announced adjustments to their deposit interest rates. Bithumb initially announced that it would pay members 2.0% annual interest on deposits, prompting Upbit to follow suit with a 2.1% interest rate. However, Bithumb has since raised its interest rate to 2.2% (before taxes). Bithumb has stated that the interest rate adjustment is part of its ongoing efforts to provide users with a more attractive and competitive platform. Upbit, on the other hand, has not yet announced any further changes to its interest rate. The interest rate adjustments by Bithumb and Upbit are likely to have a positive impact on the cryptocurrency market in South Korea. By offering higher interest rates on deposits, the exchanges are making it more attractive for users to hold and trade cryptocurrencies. This could lead to increased liquidity and trading volume in the South Korean cryptocurrency market.

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