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Bitcoin Exchange River Financial Allowing Users to Earn BTC Interest on Cash Deposits
Not a bank itself, River has teamed up with Lead Bank, a member of the FDIC, meaning user deposits are protected up to the value of $250,000
- River has introduced a new product that provides users with interest on cash deposits, which can be paid in USD or BTC.
- The "Bitcoin Interest on Cash" feature pays a variable rate of interest, which currently stands at 3.8% as of Oct. 22.
- River's aim is to give bitcoin users the best of both worlds between maintaining a cash buffer of savings to meet expenses as they arise, while also earning BTC.
Bitcoin financial services company River Financial has introduced a new product that provides users with interest on cash deposits, which can be paid in BTC or USD.
The "Bitcoin Interest on Cash" feature pays a variable rate of interest, which stands at 3.8% as of Oct. 22, according to an announcement on Tuesday.
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Not a bank itself, River has teamed up with Lead Bank, a member of the Federal Deposit Insurance Corporation (FDIC), meaning user deposits are protected up to the value of $250,000.
River's aim is to give bitcoin users the best of both worlds between maintaining a cash buffer of savings to meet expenses as they arise, while also earning BTC. This gives customers a reason to keep their cash on River's platform, rather than in a bank.
The company is attempting to differentiate itself from other bitcoin yield-bearing products that have been offered in the past, and which have had a habit of ending in tears. River stipulates that it is offering yield on customer cash, not their bitcoin.
"River protects your assets with FDIC-insured cash...and bitcoin that is always held in reserve," the firm said in the announcement.
Read More: A Hunt for Yield: The Next Chapter in Crypto Portfolio Optimization
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.
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