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 Magnrwill 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.