hi, a non-profit financial service announced it would be introducing its earning product aimed at helping its members earn passive income.
As per the announcement, the earning product will be launched on September 16, 2021. This product will allow members to earn up to 40% APY plus yield options on various cryptocurrencies. This will no doubt be among the highest interest-earning crypto accounts in the market.
While commenting on the new product, Sean Rach, co-founder of hi stated:
“With our focus on delivering membership value, the launch of Earnings underlines our commitment and marks another milestone. In a zero-interest rate environment, the ability to earn a reliable return on crypto is something that everyday consumers are just now becoming aware of. We have focused on developing an easy-to-understand user experience that offers several duration and payout options in multiple currencies.”
Notably, once the product has been launched, hi members will stake their tokens, including BTC, LTC, ETH, BNB, DOGE, and stablecoins such as USDC and USDT.
The platform is offering members different deposit timelines. Members can choose either 7,30,90,180, and 365 days. Members can also select their preferred payout time limit, either daily or at the end of the term. The interest will be paid in hi dollars (Hi). To take part in the earning, holders will need to transfer their hi dollars from the ‘flexible’ settings to ‘Earning.’
Members will also have the option to auto-renew their savings once they mature. However, this will have the same lock-up period and payout frequency. Notably, yield rates will be set based on the newest rate at the time of enrolment.
The hi platform was created to offer feeless banking allowing users to send money both traditional fiats and cryptocurrencies seamlessly through the hi app or directly to other chat platforms. Account-holders can hold over 100 currencies in a single account.
The hi platform is on a mission to “bring an innovative range of mobile and online financial services to eligible users, leveraging blockchain technology. We intend to operate across the globe, with a strong focus on financial inclusion, security, and compliance.”
In the coming days, the platform plans to launch out crypto its own virtual debit card, money market services, non-custodial wallet, the hi protocol, and create a larger ecosystem.