U.S. Bitcoin exchange River has unveiled its latest product, “Bitcoin Interest on Cash,” offering users a unique opportunity to earn bitcoin from their cash deposits.
Major U.S. cryptocurrency exchange River has announced the launch of its latest product, dubbed "Bitcoin Interest on Cash." This service offers customers a unique opportunity to earn bitcoin on their cash deposits, boasting a 3.8% interest rate and the security of FDIC-insured cash deposits.
River Launches New Product to Help Customers Earn Bitcoin on Cash Deposits
In a press release shared with Bitcoin Magazine, River highlighted the launch of its newest product, designed to help customers earn yield on their cash deposits and benefit from the growing value of bitcoin. This service allows customers to earn a 3.8% interest rate, which can be paid out in bitcoin, all while maintaining the safety and security of FDIC-insured cash deposits.
According to the exchange, traditional yield products put bitcoin at risk, but River’s offering generates interest on customer cash deposits, ensuring that the deposited funds remain fully insured by the FDIC up to $250,000. Furthermore, River states that customer BTC holdings are also held in full-reserve custody, providing an additional layer of protection for customer assets.
The interest earned through this product is comparable to many high-yield savings accounts, but with a key difference: the payout can be made in BTC. This feature gives users a way to diversify their savings and potentially benefit from bitcoin's long-term growth.
No Hidden Fees Or Minimums
River’s "Bitcoin Interest on Cash" product does not impose any hidden fees or minimum deposit requirements. This ensures that customers can easily access and utilize the service, with the ability to withdraw their cash at any time.
“We wanted to create a product that helps our customers grow their savings faster than traditional savings accounts, without the erosion of value caused by inflation,” said Alex Leishman, CEO of River, in the press release. “With Bitcoin Interest on Cash, our customers can now earn bitcoin on their cash deposits, up to 3.8%.”
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