Rebrands as Magnr in Bitcoin Savings Account Launch

Magnr, formerly, is now offering interest bearing blockchain-based bitcoin saving accounts.

AccessTimeIconJun 17, 2015 at 8:45 a.m. UTC
Updated Sep 11, 2021 at 11:43 a.m. UTC

Magnr, formerly – a bitcoin derivatives trading platform – has rebranded and is now offering bitcoin saving accounts with an interest rate fixed at 2.18% for a promotional period of six months.

Following this, the interest rate will be variable, dependent on trading fees generated by users on the platform. Magnr declined to reveal its trading volume but said that it had surpassed 60,000 total trades earlier this year.

When asked about the potential implications of bitcoin's price volatility on users' interest rates, Josh Blatchford, chief marketing officer at Magnr, emphasized that those saving bitcoin would likely always benefit users through positive returns.

Blatchford told CoinDesk:

"Even if the price of bitcoin falls, users are still in a better position than just keeping their funds in a wallet. Although they would most likely lose money on exchange rates, by earning extra bitcoins as the price falls, they will have limited their loses."

Additionally, Blatchford said users' interest rates will be calculated using blockchain data.

"We identify how much bitcoin is in their wallet, calculate how long they have been saving from the time-stamps and then apply our interest rate," adding, "this allows anyone to independently verify that their deposit is safe and that their interest payments are correct."

Bitcoin saving

is not the first to entice consumers with bitcoin saving accounts. Delta, a Hong-Kong web service and Canada-based Delta Financial, announced the launch of traditional interest bearing bitcoin deposit accounts last summer.

At the time, the firm offered a 5% minimum effective interest rate, though it has since discontinued such services.

Saving image via Shutterstock

Read more about


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.


CoinDesk - Unknown
La plataforma de préstamos cripto CoinLoans limita retiros de dinero

La medida se levantará si las condiciones del mercado lo permiten, dijo la plataforma de préstamos.

CoinDesk - Unknown
CoinDesk - Unknown
The Era of Easy DeFi Yields Is Over

Alpha in DeFi is about to get a lot scarcer (although still super attractive). Luckily, risk management will eventually get much simpler.

CoinDesk - Unknown
CoinDesk - Unknown
CoinLoan Is the Latest to Limit User Withdrawals

The measure will be lifted if market conditions allow, the crypto lender said.

CoinDesk - Unknown
CoinDesk - Unknown
Coordinape Is Decentralizing Compensation Decision-Making

“The future of labor needs to be able to break out of the top-down rigid, hierarchical structures we’re familiar with from the corporate world,” says Coordinape co-founder Tracheopteryx.

CoinDesk - Unknown