Victor Ugochukwu · Dec 1, 2020 . 8min read
Luno launches Bitcoin Savings Wallet, users can earn 4% interest
Luno's Bitcoin Savings Wallet enables consumers to earn passive income on bitcoin holdings. It also allows users to earn an interest of 4%.
By Komal Joshi · Oct 20, 2020 . 5min read
The globally distinguished crypto exchange, Luno launches a “Bitcoin Savings Wallet,” which will enable users to earn up to 4% interest while utilizing bitcoin as a day-to-day payment method. UK-based Luno was established in 2013 and acquired by Digital Currency Group in September 2020. DCG is a venture capital firm with investments in crypto exchange Coinbase, crypto hardware wallet Ledger, and more.
This announcement comes after the Global research conducted by Luno. The research claims that more than half of people (54%) are recently getting zero interest on their cash savings. With inflation above zero, this indicates that their money will have less purchasing power each year.
Luno’s research also discovered that 40% of those surveyed lacked faith in their local currency. In comparison, 95% of Luno customers designated that they would adopt a savings wallet that yields interest on their Bitcoin balance. Looking at the findings, the launch of Luno’s Saving Wallet comes when the requirement for a reliable, digital alternative is most demanded.
Characteristics of Luno’s Bitcoin savings wallet
The new Bitcoin Savings Wallet will allow Luno users to make instant payments in Bitcoin to any global account. Additionally, users can spend as little as a fraction of a cent utilizing the new platform. The Luno app also enables users to purchase Ether, Ripple, and Litecoin in enhancement to Bitcoin. Thus, crypto players can expand their holdings while beginning to investigate options from existing financial institutions.
However, the Bitcoin Savings Wallet’s essential features incorporate up to 4% interest on your BTC balance. There are no admin fees and no fixed terms. Moreover, it enables transferring funds into a regular wallet whenever one requires it. The interest is paid out on the 1st of the month. One can leave their earnings in the savings wallet to compound and grow or withdraw them directly. The new savings wallet will allow consumers who have a BTC balance to receive passive income on their unused balance with little effort and no penalties.
Conclusively, the bitcoin savings wallet comes in when investors are frequently adopting ways to earn income from their cryptocurrency holdings other than simply holding in the hope of gains.
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Komal Joshi · Nov 30, 2020 . 5min read