Bitwala has launched a Bitcoin Interest Account product offering users interest rates of up to 4.3%.

The German neobank, which says it has around 80,000 users, has partnered with cryptocurrency lending platform Celsius Network to offer the new product. Funds held in Bitwala’s Bitcoin Interest Accounts are lent out to ‘trusted partners’ on the network.

By holding Bitcoin (BTC) in their accounts users will be able to earn interest that is significantly higher than that offered by most traditional fiat savings accounts. Though several DeFi Apps also offer similar products with higher interest rates (up to 8.6%), Bitwala is notable in that it is a fully regulated European bank that also offers fiat services in 32 countries. 

The new product is also very accessible, with a minimum of just €30 worth of BTC needed to be held in the free Bitcoin Interest Account in order to receive weekly interest. Users can convert funds back to Euros at any time. 

AYO.NEWS says:

Though it hasn’t been easy for the new breed of crypto-friendly banks to pass all the regulatory hurdles and get a foothold in the mainstream financial world, Bitwala is clearly leading the pack. And, with traditional banks offering almost nothing in terms of interest to savers, we expect products like this will prove very popular, and be a significant driver of crypto adoption.

Staying with Celsius Network, earlier this month we reported the platform announced it had seen over 50,000 BTC deposited since launching in August 2018. 

Want to find out more about Bitwala and the team behind it? Check out our exclusive chat with Ben Jones, CTO and Co-founder of Bitwala. 

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