Delta Financial Offers Interest-Bearing Bitcoin Accounts
You can trade bitcoin to make money, but earning income by simply saving the digital currency in a risk-free account hasn't been an option so far, since interest-bearing cryptocurrency savings accounts are rarer than hens' teeth. Now, though, Delta - a new web service from Hong Kong- and Vancouver-based firm Delta Financial - looks set to change that. There have been some attempts at providing no-risk growth for cryptocurrencies in the past. Some cryptocurrencies are based on 'proof of stake', for example, which causes coins to produce more coins, and therefore reward users for holding the....
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Delta Financial has revealed that it will "cease current services" on 30th January, including its notable interest-bearing bitcoin account and trading products. Customer funds held in such accounts will stop generating interest, effective immediately, the Hong Kong and Vancouver-based company said in a post on its website. Users will also no longer be able to sell bitcoin through the platform. Perhaps most notably for the broader bitcoin community, Delta Financial cited the current lackluster performance of the market as the reason for the service changes. Delta wrote: "Simply put, the....
Bitcoin investment company Delta Financial, which was offering financial services such as interest accounts and trading products, announced today the termination of its operations. This announcement comes a few days only after the closure of another bitcoin startup, Vault of Satoshi. Also read: Vault of Satoshi Makes Cold Wallets Public. Too Optimistic Goals? Designed to democratize Bitcoin speculation, the company generated enthusiasm in the bitcoin community for its promise to guarantee a 5% minimal interest per year to its customers. An announcement posted on Delta Financial website is....
The financial regulator of the U.S. state of Arizona has warned investors about crypto interest-bearing accounts. “Some companies may materially overstate the degree to which their collateral practices protect their ability to pay investors the stated return,” the regulator said. State Regulator Warns About Crypto Interest-Bearing Accounts The Arizona Corporation Commission issued an investor alert this week, warning about “digital asset financial services companies that offer interest-bearing crypto-asset accounts.” The regulator explained: “With....
Like all financial assets, cryptocurrencies need to be safely saved and protected. Cryptocurrency in its current state is largely a movement against the traditional banking system. However, this doesn't mean you can't use the platform to store value long-term, and recently, even to earn interest on your savings mimicking the nature of fiat bank accounts. For security and practicality reasons, it is recommendable when storing considerable forms of cryptocurrency to keep them in separate and more secure locations from the ones you would use for more regular transactions (this is commonly....
The U.S. Securities and Exchange Commission (SEC) has warned investors about the “risks with accounts that pay interest on crypto-asset deposits.” The warning coincides with the first enforcement action the agency took against crypto lending platforms.
SEC Warns About Risks in Interest-Bearing Crypto Accounts
The U.S. Securities and Exchange Commission’s Office of Investor Education and Advocacy and the Division of Enforcement’s Retail Strategy Task Force announced Monday that they have jointly issued an investor bulletin “to educate....