BTC.sx Rebrands as Magnr in Bitcoin Savings Account Launch
Magnr, formerly BTC.sx - a bitcoin derivatives trading platform - has rebranded and is now offering bitcoin saving accounts with an interest rate fixed at 2.18% for a promotional period of six months. Following this, the interest rate will be variable, dependent on trading fees generated by users on the platform. Magnr declined to reveal its trading volume but said that it had surpassed 60,000 total trades earlier this year. When asked about the potential implications of bitcoin's price volatility on users' interest rates, Josh Blatchford, chief marketing officer at Magnr, emphasized that....
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According to BitcoinRichList.com there are over $750 million worth of bitcoin sitting idle. Magnr, a company dedicated to providing Cryptocurrency Financial Services, is trying to change this by allowing the first-ever blockchain-based "savings accounts." Magnr currently operates across two verticals: trading and saving."Magnr allows users to independently verify the safety of their deposit on the blockchain's public ledger," says CEO Joe Lee. "Additionally, the interest payout is calculated from blockchain data. This lets users verify they are being paid the correct amounts. This is the....
Magnr, the Bitcoin savings bank and trading platform recently suspended its activities for a short time to re-evaluate its security features following the Bitfinex incident. The recent incident with Bitcoin has got a lot of Bitcoin companies on high alert. Many digital currency companies have started to re-evaluate their security. Magnr, the Bitcoin savings and investment platform recently went through a similar exercise. Yesterday, Magnr suspended its operations partially for few hours. The platform, in a notice to all its customers, stated that the precaution was taken following the....
While several global headlines have declared that millennials are increasingly disinterested in banks, the owners of BTC.sx exchange have launched Magnr, “the first savings account for Bitcoin.” They promise a 2.18 % return over the first six months of a deposit, and claim that all depositors will be able to audit their individual holdings on the Bitcoin blockchain. Wondering just how bank-like Magnr intended to be, CoinTelegraph interviewed Josh Blatchford, CMO of Magnr. “One key difference from traditional processes is that we maintain all transactions on the blockchain such that all our....
London-based BSave has announced the launch of its Bitcoin savings account at the North American Bitcoin Conference in Miami today. Bitcoin service provider BSave has officially launched its savings account which credits an interest to the user’s account at the end of a 24 hour period, every day. The British company is opening its wallet to the public following “intense months of beta testing,” according to a press release revealing the announcement today. The BSave savings account is currently open to all Coinbase customers. While details are scarce in the press release, the company’s....
London-based BSAVE has completed a $400,000 round of funding for seed capital and has announced a savings account for users who can directly connect it to their Coinbase wallet to store Bitcoins while earning interest payments every day for their savings. BSAVE has announced a new platform that enables users to gain savings from their bitcoins by offering a savings account. Daily interest is credited to each user's account at the end of a 24 hour period, and the savings account is also a zero-balance account, the company says, with no penalties imposed if the user wishes to withdraw his or....