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South African-born cryptocurrency exchange startup Luno has announced that its users can now earn up to 4% interest per annum on Ethereum and up to 7.6% on their USDC balances.
Luno enables users to earn interest on Ethereum and USDC
Added to the savings wallet feature, both of these forms of crypto’s interest are earned and paid in cryptocurrency to users.
Marius Reitz, General Manager for Luno Africa provides insight into what led to the crypto startup launching the new offer.
“Luno research last year showed that over a third of those surveyed (35%) were not earning any interest on their traditional cash savings at all, so growing savings options and making saving simple and accessible is a priority for us. The same research from last year found 54% are not earning interest through their current or savings bank account, with 40% lacking confidence in their local currency.
The highly successful SA crypto startup has created a secondary method through which its users can earn a passive income on cryptocurrency holdings and is reportedly double the interest rate offered by local banks on a flexible savings account.
According to Luno, users earn interest immediately and will receive monthly interest payments. Luno claims that there are no hidden fees, no fixed terms, and no minimum deposits. Users have 24/7 access to their crypto with the Luno savings wallet.
“Luno users can already earn up to 4% on their Bitcoin savings. The addition of two new cryptocurrencies to the savings wallet gives customers even greater flexibility and potential to earn interest as they grow their crypto savings. A high percentage of South Africans who own cryptocurrency do so for speculative investment purposes, with the majority holding their crypto for the long term. If your crypto investment strategy is holding your crypto long-term (HODLing in crypto speak), the savings wallet earns you additional interest for what you were already doing,” concluded Reitz.
Featured image: Marius Reitz, General Manager for Africa at Luno (Supplied)