Nigerian crypto exchange offers Busha Yield with interest on dollar stablecoins

BY: ONOME AMUGE

Busha, a crypto exchange in Nigeria, has introduced its new crypto savings feature named Busha Yield to enable customers earn up to 10 percent annual percentage yield (APY) or eight times the minimum rate for savings deposits with banks on dollar-equivalent stablecoins.

With interest being paid out daily, supported by flexible redemption and no penalties, Busha Yield is designed to offer Nigerian crypto investors a unique opportunity to buy, sell, save, and earn real interest on cryptocurrencies through the easy to use, reliable, and secure Busha app.

Busha Yield is immediately available to all customers who meet the minimum subscription of 10 USDT/USDC required to get started, while no fee is required to transfer into or redeem from the Yield wallet.

In addition, customers can transfer their current stablecoin balances, or easily purchase with naira to transfer into the Busha Yield wallet to earn interest for however long the balance is maintained.

The launch of Busha Yield is the first major product release since the announcement of the seed round investment in 2021 led by Chicago-based Jump Capital.

Over time, the crypto exchange said its services will be exposed to institutional customers who want to start earning on dormant balances. This and subsequent releases are expected to bolster the company’s mission to make crypto mainstream and onboard millions into the new economy.

Michael Adeyeri, chief executive officer of Busha, said the company is headed towards creating an experience that allows crypto-curious individuals and sceptics to earn real returns on their assets without being scared of the crazy volatility that is associated with the asset class.

Adeyeri observed that an average Nigerian understands the importance of saving for the future and is constantly looking for the next opportunity to invest in, which is why a lot are susceptible to bad actors.

“I’m glad that Busha is able to give honest, hardworking Nigerians an opportunity to diversify their portfolio to include crypto without necessarily getting exposed to the volatility of the market while earning decent returns,” he stated.