African-founded crypto exchange, Quidax, on Friday announced the launch of a US Dollars (USD) savings feature.
The feature allows its customers anywhere in the world to save in USD from local currencies like Naira or using cryptocurrencies like Bitcoin, Ethereum, and several other cryptos.
Quidax customers are able to earn up to 10% annual interest when they save in USD with interest paid daily.
They will also be able to choose between two savings plans; Flexible Savings and Fixed Savings.
Quidax Launches US Dollar Savings With Up To 10% Interest
The Flexible Savings Plan offers daily interest payments and allows customers to withdraw their money at any time, while the Fixed Savings Plan makes it possible for people to save in US Dollars for a fixed period and earn higher returns.
According to the announcement on the Quidax Blog the USD savings feature was a result of feedback Quidax had received from some of its existing customers.
One such feedback was from a customer called Samuel, who said he was looking for ways to protect his money from inflation and still earn interest.
It is no news that the US Dollar has remained one of the strongest currencies in the world, while also being the unit value for both traditional and decentralised finance; and that is why millions of financially literate people all over the world save in USD.
Quidax’s Dollar Savings product provides a great opportunity for investors to protect themselves from local currency devaluation experienced in most countries of the world.
Now people in countries experiencing inflation and currency depreciation can protect their finances by saving in the currency that remains most stable globally i.e. USD.