- River has introduced a brand new feature dubbed, ‘Bitcoin Interest on Cash’
- The product permits prospects to get BTC for interest earned on their cash deposits.
- The US-based platform will supply a 3.8% interest on the cash deposits.
- User funds are FDIC-insured by way of its partnership with Lead Bank, the change mentioned in a press launch.
River, a US-based Bitcoin change supplier, has launched a brand new feature that lets customers earn interest in Bitcoin on their cash deposits.
The new product is ‘Bitcoin Interest on Cash’, River revealed in an announcement on Tuesday. According to the corporate, the feature will enable prospects to earn a 3.8% interest on their cash deposits.
Introducing 3.8% Interest on Cash—Paid in Bitcoin!
Stop letting your cash lose worth to inflation, even in “high-yield” accounts.
Unlock the predictability of {dollars} with the chance to construct actual wealth in Bitcoin. Only on River. pic.twitter.com/EDr7jpMAPC
— River (@River) October 22, 2024
River partnership with Lead Bank
River is just not a financial institution. Howver, it has partnered with Federal Deposit Insurance Corporation (FDIC)-registered Lead Bank to insure buyer’s deposits as much as $250,000. It means customers’ cash in Lead Bank will profit from FDIC insurance coverage, with prospects protected towards a failure for the financial institution.
River says customers can withdraw their funds at any time.
“In a world where traditional savings accounts are unable to fully protect your wealth, Bitcoin Interest on Cash offers a new path forward. By combining the predictability of cash with the opportunity of bitcoin, we’re empowering you to take control of your financial future,” Alex Leishman, chief government officer at River, famous.
Swan CEO Cory Klippsten commented on River’s new product:
I like @river‘s new product, paying 3.8% interest for a USD account in Bitcoin.
It’s a easy computerized conversion of USD->BTC for the interest you have earned.
I get 4.52% interest on cash, so I’d take into account the foregone 0.72% the transaction payment. Not earth shattering, however cool!
— Cory Klippsten 🦢 Swan.com (@coryklippsten) October 22, 2024
According to the change, the three.8% interest might be large as Bitcoin worth appears to rally. The identical earnings over the previous two years, as an illustration, may have returned 16 instances the common financial savings account.
Bitcoin traded round $67,500 on Tuesday, October 22, 2024.
The present BTC worth is up over 125% previously yr. Notably, the positive factors had been a lot greater when BTC raced to its all-time excessive above $73,000 in March.
