Upbit Offers 1.3% Interest on Member Deposits Starting Today

IconCryptoNewsTerminal Staff19 Jul, 2024

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Upbit Offers 1.3% Interest on Member Deposits Starting Today

Upbit, a leading cryptocurrency exchange in South Korea, has announced that it will begin offering a 1.3% interest on member deposits from July 19. This move is likely to be welcomed by Upbit users, as it will allow them to earn a passive income on their cryptocurrency holdings. The interest will be paid quarterly (in January, April, July, and October). To be eligible for the interest, members must hold their cryptocurrency in their Upbit accounts. The interest will be calculated based on the average daily balance of each member's account. This is not the first time that Upbit has offered interest on member deposits. In 2021, the exchange offered a 1% interest rate on deposits of Bitcoin (BTC) and Ethereum (ETH). Upbit's decision to offer interest on member deposits is likely to be seen as a positive move by the cryptocurrency community. It could also help to attract new users to the exchange.

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