Neobank service provider Bitwala on Thursday unveiled a new account offering 80,000 European customers passive bitcoin (BTC) Income.
Bitwala interest account allows users to earn up to 4.3% annual interest for BTC held at the bank.
According to For the Berlin-based company, account holders can buy bitcoins in Bitwala for as little as 30 euros ($ 32), keep them for free, and earn interest, which is paid every Monday.
There is no blackout period, which means that BTC The assets can be liquidated and withdrawn at any time, he said.
The new account was launched in cooperation with the cryptocurrency lender Celsius Network, which lends BTC owned by Bitwala users to "trusted institutional partners".
Celsius Network pays an average of 3.4% per year. in bitcoin since November 2019, said the German bank.
However, Bitwala's 4.3% rate is less than half of what some decentralized financial platforms with similar interest-bearing accounts offer.
Ben Jones, CEO of Bitwala, described bitcoin as "the Internet's gold standard of value", pointing out that BTCThe third reduction in half reminds us that "State money (trust) cannot be inflated forever". He stated:
Today, more and more people are trusting bitcoin. Bitwala is the everyday bridge. We are now partnering with Celsius Network, the world's leading provider of crypto loans, so that our customers can take advantage of bitcoin holdings wherever they are.
Celsius Network CEO Alex Mashinsky said: "We believe that combining a Bitcoin account with a bank account is a winning proposition and the path to mass adoption."
Founded in 2018, Bitwala has clients from 32 European countries. Their accounts are hosted at the Berlin-based Solarisbank, which is supervised by the Federal Financial Supervisory Authority.
Many neobanks, including Babb in the United Kingdom and Crypterium in Estonia, plan or are in the process of applying for licenses amid regulatory disinterest that has kept them at bay for years.
What do you think of Bitwala's interest account? Let us know in the comment section.
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