Kenya: Binance Unveils Suite of Saving Products for Crypto Holdings

21 December 2021

Nairobi — The crypto-ecosystem is steadily evolving - and unlike traditional investment options, the use forms of cryptocurrencies go beyond buying, holding, and selling. With crypto, the possibilities are nearly endless, with users being able to facilitate payments like never before, use as a form of insurance, and ultimately store wealth.

"As Africa gradually embraces the idea of earning money online, platforms such as Binance continue to arm users with the necessary tools to make financial freedom a reality for many," Binance said in a statement.

For example, Binance, the world's leading blockchain ecosystem and cryptocurrency exchage, trains users to on use of crypto investments.

One of such ways is through Binance Earn, which offers customers a suite of products for them to grow their crypto holdings easily. Think of it as your crypto savings account - where you can increase your crypto holdings and earn a passive income without trading.

It allos users to save, stake, or even become liquidity providers. Currently, over 3.65 million daily active users utilize this tool.

Here are the categories:

1. Flexible Savings: As the name suggests, flexible savings allows users to subscribe to this product and redeem their earnings at any time as needed. It is a go-to option for anyone who has got a low-risk appetite.

2. BNB Vault: BNB Vault is a capital-guaranteed investment product to help users maximize the income potential of their BNB. By investing in the Vault, BNB HODLers can easily invest in both centralized and decentralized finance products, with maximized yields and benefits from multiple opportunities available in the Binance ecosystem. This is also appropriate for users who are averse to high-risk ventures.

3. Fixed Savings: With fixed savings, users can save between 7-90-day lock-up periods and earn increased yields on their stakes. While subscription can be done at any time, earnings can only be redeemed after the lock-up period, or else, users risk losing the accumulated rewards.

4. Locked Staking: Simply put, staking is best described as the act of locking cryptocurrencies to yield rewards. You can redeem these assets after you successfully subscribed, but please note that redemption requires a certain unlocking period. This locking period differs based on the product chosen.

5. DeFi Staking: Binance introduced DeFi (Decentralized Finance) staking to help proxy users participate in related decentralized projects. Users can earn the highest possible returns in the most simple and safest way. DeFi products must be locked in a fixed period - this means that users who need to withdraw assets in advance, may lose their corresponding rewards.

6. Dual Investment: Another interesting Binance Earn product is the dual investment which lets users deposit a single cryptocurrency and earn yield based on two assets. Dual Investment provides users with much more control over their risks. It offers non-guaranteed floating earnings; the highest possible earnings are obtainable while satisfying users' digital asset risk management needs.

AllAfrica publishes around 500 reports a day from more than 100 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.