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 …