London-based cryptocurrency platform Ziglu has launched an account that pays U.K. users the equivalent of 5% annual interest on their bitcoin investments.
- According to an announcement Thursday, interest will be calculated “every second” and will then be added to users’ accounts weekly.
- Customers will retain instant access to the bitcoin and not have to sign up for depositing for any fixed length of time, a Ziglu spokesperson told CoinDesk.
- The "Bitcoin Boost" account launches against the backdrop of an all-time low Bank of England base rate of 0.1%, cut from 0.25% in March 2020 in response to the coronavirus pandemic.
- Ziglu’s announcement cited Bank of England data showing that variable-rate individual savings accounts (ISAs) earn as little as 0.35%, the lowest since ISAs were introduced.
- The London-based firm raised over $8 million from around 1,250 investors in a crowdfunding campaign last year, bringing its total fundraising to $14.8 million.