Crypto platform offers up to 90% interest on Axie tokens

Hong Kong-based Finblox, a digital-asset investment platform, said users who deposit Axie Infinity tokens ($AXS) with the company will earn an annual interest of up to 90%.

Photo credit: Finblox

Finblox will generate this yield on the tokens through a range of strategies, including lending out the assets to financial institutions or trusted decentralized finance protocols.

As of 8.20 pm SGT, the interest rate on Axie Infinity tokens stands at 35%.

A screenshot of the Finblox app/ Photo credit: Finblox

Finblox was founded in May 2021 by Peter Hoang – who also co-founded Singapore-based stock trading app Gotrade – and allows people to earn interest by saving cryptocurrencies instead of trading them. Backed by investors from over 180 countries, the platform offers high yields on cryptocurrencies like Bitcoin, USD Coin, Ethereum, Solana, and Avalanche.

“Axie Infinity has brought crypto gaming to the mainstream and created a new way for anyone to turn their time into money through the play-to-earn mechanic,” said Hoang.

By integrating Axie Infinity tokens, Finblox will allow users to buy tokens with credit and debit cards, or transfer AXS tokens on the Ethereum network directly to its platform. They can also earn interest on the deposited tokens without any lock-up periods or minimum amount requirements.

See also: Axie Infinity: A sign of Vietnam’s resurgence in the gaming sector?

Last month, Axie Infinity’s smooth love potion tokens surged 19% to US$0.046 after the blockchain-based video game revised its breeding fee for the game’s virtual pets. The breeding fee was revised to manage the inflation of in-game resources to improve stability.

Meanwhile, Finblox last month raised an undisclosed seven-digit round from Sequoia Capital India, MSA Capital, Venturra Discovery, Coinfund, Saison Capital, Ratio Ventures, and First Check Ventures.