Binance Savings has added support for Harmony One tokens on its customizable locked savings products. The popular cryptocurrency exchange gave details in a recent announcement on its website.
The announcement met with a lot of enthusiasm from both Binance and Harmony community members. The Harmony One token went live on the locked saving product platform on May 18 at 13:00 UTC. For now, users will be able to opt from two product offerings – 30 days and 90 days.
The 30-day savings product will have an individual cap of 20,000,000 along with an 8% annualized interest rate (AIR). In comparison, the 90-day product will have a 10,000,000 individual cap and offer a 16% AIR to the users.
Speaking on the announcement, Binance disclosed that all funds subscribed to the savings products would, however, forfeit the right to receive staking rewards. Moreover, there were plans in place to make important changes to the savings product including options of accepted assets, interest rates, individual limits, etc. Incidentally, all these proposed changes are in line with ensuring adequate risk management processes based on market conditions.
About customizable locked savings products
Launched on the Binance exchange platform, users can avail of the savings product with the following quick steps.
Log in to the Binance website –> Go to Earn –> Savings –> Product–> Locked Savings.
This will subsequently open users to a wide range of customizable products. With this feature, developers and users can easily customize their products based on selection time, duration, annual interest, etc.
About redemption, the announcement specified that it would take place only after all products reached maturity. It further stated that users would get reimbursement of both assets and accused interest in their spot wallet. However, for those who looked to redeem funds before maturation, Binance had also an offer to let users transfer their locked savings assets to a flexible one.
Recently, Harmony One Epoch staking went live. In June last year, it had announced a strategic partnership with Chainlink and is also a member of the Mousebelt Blockchain Alliance. Binance, on the other hand, recently got its widget on the Brave browser and also partnered with Elrond to launch BUSD. Earlier, the exchange had announced launching Binance Pool, its cryptocurrency mining platform in a closed-beta stage.
 on its Customizable Locked Savings.){kind=link}