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Ziglu Offers UK Users 5% Interest on Bitcoin Investments
Interest equivalent to an annual rate of 5% will be paid to users’ accounts on a weekly basis.
London-based cryptocurrency platform Ziglu has launched an account that pays U.K. users the equivalent of 5% annual interest on their bitcoin investments.
STORY CONTINUES BELOW
- 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.
Read more: Gemini Partners With Crypto Lender Genesis to Offer 7.4% Yield on Customer Deposits
Jamie Crawley
Jamie has been part of CoinDesk's news team since February 2021, focusing on breaking news, Bitcoin tech and protocols and crypto VC. He holds BTC, ETH and DOGE.
