Coin World Report:
River Announces New Feature Called “Bitcoin Cash Interest”
The product allows customers to earn BTC through interest earned on cash deposits.
The U.S.-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.
U.S. Bitcoin exchange provider River has launched a new feature that allows users to earn Bitcoin from their cash deposits.
River revealed the new product, called “Bitcoin Cash Interest,” in a statement on Tuesday. According to the company, the feature will enable customers to earn 3.8% interest on their cash deposits.
Introducing 3.8% cash interest – paid in Bitcoin!
Don’t let your cash lose value due to inflation, even in “high-yield” accounts.
Unlock the predictability of the dollar and the opportunity to accumulate real wealth in Bitcoin. Only on River.
pic.twitter.com/EDr7jpMAPC
– River (@River)
October 22, 2024
River Partners with Lead Bank
River may not be a bank. However, it has partnered with Lead Bank, registered with the Federal Deposit Insurance Corporation (FDIC), to provide customers with up to $250,000 in insurance for their deposits. This means that user funds at Lead Bank will be protected by FDIC insurance, shielding customers from bank failures.
River stated that customers can withdraw their funds at any time.
Alex Leishman, CEO of River, stated, “In a world where traditional savings accounts fail to fully protect your wealth, Bitcoin Cash Interest provides 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 like the new product from River, earning 3.8% interest on Bitcoin-dollar accounts.
It’s a simple automatic conversion of dollars to BTC representing the interest you earn.
I’m at 4.52% cash interest, so I’ll trade off the 0.72% as a transaction fee. Not earth-shattering, but cool!
– Cory Klippsten
