Huobi’s Fixed-Return Financial Product Sells Out in One Hour

Beijing based exchange Huobi has sold all available subscriptions to a new 60-day fixed-term financial product for bitcoin investors.
The product, which is effectively a bitcoin ‘certificate of deposit’, is called ‘Dig-VC’ and offers a guaranteed interest rate for investors. Notably, returns are backed by Digcoin – a new bitcoin mining services platform built by Huobi.
Both will form part of Huobi’s Hong Kong-based trading and investment platform BitVC, which launched in June.
Dig-VC subscribers will see a guaranteed return of 1.2% per month (which equates to an annualised rate of 16%), calculated on a daily basis and paid at maturity. Additionally, the first 100 subscribers will be rewarded with an additional 0.2% per month at the end of the 60-day term.

This post was published at Coin Desk on September 2, 2014.