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Crypto banks' savings rates are ten times greater than high street, but are they safe?

By Matthew Shillito, Lecturer in Law, University of Liverpool
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Leading crypto banks such as BlockFi and Nexo are attracting a lot of attention. Customers can earn an APY (annual percentage yield) of up to 12%, dwarfing high-street savings accounts, whose interest rates are sub-1%. But before you rush to transfer your hard-earned savings, there’s some important things to be aware of.

First you need to realise what these banks are offering interest on. Apart from Nexo, which pays up to 12% interest…

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