Magnr Launches World’s First Blockchain Based Bitcoin Savings Accounts – Latest BTC.sx Product
Established Bitcoin trading platform BTC.sx is proud to announce its latest product launch: Magnr blockchain based Bitcoin savings accounts powered by BTC.sx’s time-tested infrastructure. The Magnr team consists of banking industry veterans.
Magnr is the second product from BTC.sx, a popular Bitcoin trading platform established in 2013 that has brokered over 60,000 trades. Magnr is pleased to announce the world’s first savings accounts for Bitcoin. Initially the interest rate will be fixed at 2.18% per year for a promotional period of six months.
According to BitcoinRichList.com there are over $750 million worth of Bitcoin sitting idle. Magnr gives them the opportunity to put their Bitcoin to use.
The savings accounts are powered by Blockchain technology. Magnr allows users to independently verify the safety of their deposit on the Blockchain’s public ledger. Additionally, the interest payout is calculated from Blockchain data. This lets users verify they are being paid the correct amounts.
Joe Lee, Founder and CEO, anticipates Magnr will appeal to millennials. “We believe we are setting the future standard of savings accounts. Millennials are about to become the world’s most powerful demographic. We are seeing these digital natives rapidly adopt new products for alternative investment and saving opportunities.”
“FinTech startups have a once in a lifetime opportunity to revolutionise banking. We are very excited to be pioneering digital currency savings accounts.”
The Magnr team is founded by investment banking veterans. Joe Lee, formerly of Barclays Bank and Macquarie Group, first discovered Bitcoin in 2011. Joe began trading Bitcoin and turned $100 into $200k. This profit was then used alongside seed-funding to start BTC.sx. Colin Kwan, COO, worked at Senior Management level at UBS and Deutsche Bank. He ensures the company’s products have institutional-grade quality and compliance.
The BTC.sx trading platform will be rebranding as Magnr. This is to highlight how the two products work together. The trading platform generates interest from traders, which is partly paid out as interest to savers.
About BTC.sx and Magnr
Established in 2013 BTC.sx is a Bitcoin trading platform that clients have trusted to broker over $50 million, in the first year of business alone. BTC.sx has leading security features, including cold storage and human audits of withdrawal requests. These ensure the safety of client deposits at all times. Clients can increase their market exposure with up to 10:1 leverage, maximizing potential returns. BTC.sx also uses direct market access. This means that the platform does not trade against users. Instead, trades made on the platform create buys and sells on the supported exchanges. These are Bitfinex, itBit and Bitstamp.
Bitcoin enables certain uses that are very unique. I think it offers possibilities that no other currency allows. For example the ability to spend a coin that only occurs when two separate parties agree to spend the coin; with a third party that couldn’t run away with the coin itself.