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Cryptocurrencies:  6,269Markets:  24,788Market Cap:  $356,594,025,54524h Vol:  $76,402,086,775BTC Dominance:  60.5%
Market Cap:  $356,594,025,54524h Vol:  $76,402,086,775BTC Dominance:  60.5%Cryptocurrencies:  6,269Markets:  24,788

Crypto investment app Abra now offers interest-bearing accounts

Crypto investment app Abra now offers interest-bearing accounts

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Crypto investment app Abra now offers interest-bearing accounts

The Block1 week ago
Published on July 28, 2020 01:30 GMT+0edited on July 28, 2020 01:34 GMT+0

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Crypto investment app provider Abra is now offering interest-bearing accounts, letting users earn a yield on their crypto deposits.

Abra said users would receive up to 9% interest rate per annum, compounded daily. The currently supported coins for the interest offering are bitcoin (BTC) and ether (ETH), as well as stablecoins Tether (USDT), USD Coin (USDC), Paxos Standard (PAX) and True USD (TUSD).

The current interest rates offered are: BTC 4.1%, ETH 4% and the four stablecoins 9%, Abra's VP of growth, Lomesh Dutta, told The Block. He added that the interest rates would be reviewed and adjusted weekly, based on the demand from institutional borrowers for the asset under consideration.

The current interest rates on stablecoins are "significantly better than any bank account can …