BitLeague Launches Bitcoin Term Deposit Offering 9% Annual Interest
BitLeague, a Delaware-based cryptocurrency startup has recently launched a Bitcoin term deposit product designed to bring mainstream-like services to the crypto economy and attract new users.
It was announced at Consensus 2019. According to a press release, the term deposit will offer 9% annual interest, with a lock-in period of 3 to 36 months. The company’s president, Adnan Gilani, said:
“Our mission is to create a more equal, open financial platform, which brings more benefits to users, grows their wealth, and provides more liquidity to the system. The commercial bank only pays about 2% for one year Certificate of Deposit, we offer 9% fixed rate, this is how we add value to our clients.”
The move highlights a new trend in the cryptocurrency space that has been seeing firms launch new products that allow users to earn interest on their cryptocurrency holdings.
Nexo, a Switzerland-based startup, has also been offering users ‘instant’ cryptocurrency-backed loans, offering investors up to 6.5% interest on stablecoins.
BitLeague is set to also launch a zero-commission trading service in 14 states in the United States, with the goal of helping “people to adopt bitcoin, the next generation sound currency for everyone.”