Phemex, a Singapore-based cryptocurrencies exchange, has recently started offering doubled APY on its asset management product called ‘Earn Crypto’.
Earn Crypto is a lending service offered by the company that allows users to earn interest income by lending crypto assets to exchanges and crypto asset companies.
APY refers to the Annual Percentage Yield and represents the expected rate of return when investing for one year. Currently, it is widely used as an index indicating the expected profit of cryptocurrency lending and staking services.
Explaining the requirement of the limited period offer, the company noted that it would be valid for the 7-days Fixed Savings account and will feature doubled APY from 10% to 20%.
The company will end the service on or before September 16 after the Total Available Fund Limit of 5,000,000 USDT is exhausted.
The lending service has gained popularity as a savings and earnings method suitable for long-term holding, but recently major US crypto exchange Coinbase revealed that the US SEC has threatened to sue the company if it starts offering its ‘Lend’ service.
According to a blog post issued by the company, Coinbase had been working on launching its lending service that allows stablecoin holders to earn up to 4% on their savings.