An increasing number of start-ups in Hong Kong are offering cryptocurrency-lending services, claiming to provide high returns, the South China Morning Post reported.
Cryptocurrency exchange Gemini last week rolled out a programme that enables customers to receive an annualised yield of up to 8.05% by lending out their digital tokens to third parties. A one-month US dollar deposit at a Hong Kong bank yields 0.01%.
The service supports deposits of more than 40 cryptocurrencies, including stablecoins, or digital tokens, that are backed typically by the US dollar.
Read the full report: South China Morning Post.
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