This article originally appeared on Investing.com
Asia-based cryptocurrency exchange, AAX is launching its crypto savings platform offering the highest APY to savers across the centralized crypto exchange ecosystem. The platform will offer up to 20% APY rates to savers on their crypto assets in an effort to drive adoption to the exchange.
Founded in 2018, AAX Exchange has matured as a market leader in the Asian crypto market offering users a simple-to-use, fast and secure digital asset exchange. The platform leads institutional investors adoption of digital assets and derivatives in the Asia- Pacific region.
The privately-held digital asset exchange hails as a leading force in the crypto ecosystem, whereby its innovative products and incentives entice crypto users to join the platform. The latest launch of its savings product will offer the recorded highest APY on selected cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Tether (USDT), and Circle’s USDC.
“Whatever the market situation is, bear or bull, it is important for investors to allocate a certain portion of their crypto portfolio to savings,” a statement from the team reads.
“With the up to 20% APY, AAX savings makes HODL easier and helps you earn while sleeping.” Said Ruby Rong, senior operations manager at AAX.
The main exchange launched in November 2019 and is touted as one of the leading institutional-grade crypto exchanges for everyone. AAX exchange became the first crypto exchange to use LSEG Technology’s Millenium Exchange, the same exchange engine that powers London Stock Exchange. It is also the first of its kind to have joined the London Stock Exchange Group’s Partner Platform.
The key to its success lies in offering users high levels of security and performance on their platform.
The exchange has witnessed massive growth rates in less than two years, seeing exchange volumes rise from 20 million USD daily trade volume in 2019 to more than 1 billion USD at its peak in November 2020. This year has seen further adoption with AAX’s user base growing to over a million registered users.
At a time when the traditional finance interest rates on commercial bank deposits are capped at 1%, AAX’s latest savings account seems like a sweet deal. You can simply stake your Bitcoin and other cryptos (mentioned above) and start earning a substantial interest of 20% on all your deposits in a 7-day fixed savings product. These interest rates are not available on any centralized crypto exchange and the assets are not available elsewhere. In addition, AAX offers both flexible and fixed savings products with up to 20% APY for over 80 major crypto assets.
Finally, AAX Exchange also ranks as one of the best fiat-to-crypto on and off-ramps via credit cards MasterCard, Visa (NYSE:V), Alipay, Paynow, Bank Account, Instapay, and other platforms.