News Report:
River announces a new feature called “Bitcoin Cash Interest”
The product allows customers to earn BTC interest on cash deposits.
The US-based platform will offer 3.8% interest on cash deposits.
The exchange stated in a press release that user funds are insured by the FDIC through a partnership with Lead Bank.
US Bitcoin exchange provider River has launched a new feature that allows users to earn interest on their cash deposits.
River revealed in a statement that the new product, called “Bitcoin Cash Interest,” was announced on Tuesday. According to the company, this feature will enable customers to earn 3.8% interest from their cash deposits.
Introducing 3.8% cash interest – paid in Bitcoin!
Don’t let your cash lose value to inflation, even in “high-yield” accounts.
Unlock the predictability of the dollar, with the opportunity to accumulate real wealth in Bitcoin. Only on River.
pic.twitter.com/EDr7jpMAPC
– River (@River)
October 22, 2024
Partnering with Lead Bank, River establishes a collaboration
River is not on the sidelines. However, it has partnered with Lead Bank, registered with the Federal Deposit Insurance Corporation (FDIC), to provide insurance for customer deposits up to $250,000. This means that user funds at Lead Bank will benefit from FDIC insurance, protecting customers from bank failure.
River states that users can withdraw funds at any time.
Alex Leishman, CEO of River, stated, “In a world where traditional savings accounts cannot fully protect your wealth, Bitcoin Cash Interest offers a new path forward. By combining the predictability of cash with the opportunity of Bitcoin, we empower you to control your financial future.”
Cory Klippsten, CEO of Swan, commented on River’s new product:
“I love the new product from River, earning 3.8% interest on a Bitcoin dollar account. It’s a simple auto-convert -> BTC representing the interest you earn. I cash interest at 4.52%, so I’d be giving up 0.72% as a trade fee. Not earth-shattering but cool!”
– Cory Klippsten