BUY BITCOIN
Chinese bitcoin exchange Huobi has reportedly sold out of customer slots to a fixed-term financial product called Dig-VC, which acts as a certificate of deposit, according to a new report from bitcoin news website CoinDesk.
The platform, which offers a 60-day term, guarantees subscribers will see returns of about 1.2 percent on a monthly basis, amounting to a rate of 16 percent per annum.
The first 100 subscribers to the service were awarded an additional 0.2 percent per month, to be added at the end of their term.
Returns of the product are reportedly backed by Digcoin, a mining service run by Huobi.
If you were wondering just how fast the product sold out, it was less than an hour. There were a total of 2,000 subscriptions available for a minimum of one bitcoin each. More than half of the subscriptions were sold in the first two minutes.
A company representative told CoinDesk that 70 percent of investors were based in China, with more from the United States, Canada, Australia, Japan, and more.
The news highlights that bitcoin-related investments are still very much in minds of the Chinese, who drove the price of bitcoin past the $1,000 mark late last year.
It also highlights Chinese exchanges’ move into investment products, as interest in trading bitcoin has waned in the country.
