UK-based FinTech firm Ziglu announced on Thursday (April 8) the launch of “Bitcoin Boost”, a new way to earn 5% interest while you HODL Bitcoin.
According to Ziglu’s press release, this account will enable Ziglu users to “earn interest equivalent to an annual percentage rate of 5% on their bitcoin.”
Here is how interest is calculated and paid out:
“Through Ziglu’s Bitcoin Boost account, interest on the value of the bitcoin holding is calculated every second and an interest payment is added to the balance each week.“
Customers can sell the BTC in this account at any time without paying any kind of penalty.
Mark Hipperson, Ziglu Founder and Chief Executive Officer, had this to say:
“It’s pretty much impossible to find interest rates that are higher than the rate of inflation, and yet digital currencies and decentralized finance have massive potential to provide a real rate of return for everyone. Our aim is financial inclusion and choice – through the Bitcoin Boost account we are able to offer our customers instant access to bitcoin, and a game-changing 5% rate of interest on the value of their bitcoin, no matter how large or small.“
The Ziglu mobile app currently supports five crypto assets: Bitcoin, Bitcoin Cash, Ether, Litecoin, and Tezos.
Last September, Ziglu announced the launch of peer-to-peer (P2P) payments for all fiat and digital currencies supported by its mobile app. The Ziglu CEO had this to say back then:
“Paying people should be instant, free and easy regardless of their location or the currency, whether that is splitting the cost of your AirBnB or sending a Bitcoin birthday present.“