March 28, 2024

Bank of Germany Bitwala launched bitcoin deposits with a rate of 4.3%

Bank of Germany Bitwala launched bitcoin deposits with a rate of 4.3%

Now 80,000 customers of the German neobank Bitwala can acquire, store and receive interest on accountBitcoins (BTC) stored in their bank accounts. New opportunities have come about through partnerships with the Celsius Network cryptocurrency lending platform.

According to defiprime.com, Bitwala became the first classic fiat bank to offer interest on bitcoins in the account. Similar products are offered in three other DeFi DApp applications. While deposits in DeFi are distinguished by higher rates up to 8.6% per annum, the advantage of Bitwala is that the bank is fully regulated and offers fiat and cryptocurrency services in 32 European countries. This is confirmed by a license from the leading German bank SolarisBank AG.

Users can purchase bitcoin for only €30 and store it on a free BTC account (Bitcoin Interest Account) and receive interest payments on a weekly basis. Bitcoin on accounts is lent through the Celsius network to “trusted partners”. Moreover, funds can be instantly converted into euros.

Bitwala CEO Ben Jones explained,that this innovation was stimulated by the Bitcoin halving, which serves as an excellent reminder that “government money (fiat) cannot be inflated forever”:

«Nowadays, more and more people trustBitcoin, and Bitwala is a bridge to it. We have partnered with the world's leading crypto loan provider Celsius Network to ensure our clients can benefit from their Bitcoin assets wherever they are.

Over the past four years, there have been many startups seeking to connect the fiat and cryptocurrency finance industries, but few have received full banking licenses.

Bank of Germany Bitwala launched bitcoin deposits with a rate of 4.3%

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