Sirlibz
Bitwala, a German Neo-Bank is in partnership with Celsius network a crypto lending platform that will offer interest rates up to 4.3% for holding BTC in your account.
Anyone with an account with them can earn this interest. All 80,000 users of the bank can earn this interest by purchasing Bitcoin for as low as 30€. The purchased Bitcoin will then be held or stored by the user in a Free Bitcoin Interest Account.These funds are then lent out to Trusted partners through the Celsius network partner. Funds invested in the free Bitcoin Interest Account can be withdrawn or changed back to euros at any point in time.
Bitwala is the first fiat bank to offer this kind of interest and is also more regulated compared to the other Decentralized Finance (DeFi) apps. Bitwala offers fiat and cryptocurrency services in over 32 European countries. The German Neobank acquired it’s license from Solari Bank AG, a leading bank in Germany.
Fiat in Trouble??
Recently due to the outbreak of the global pandemic, countries have had their economy affected negatively. To solve this issue, more fiat has been printed and this raises concern over a possible hyperinflation. On the other hand, banks interest on deposits and savings is depreciating with time. This makes the saving of BTC with a fixed interest quite interesting and attractive.
The printing of fiat over time also proves the fact that BTC has an upper hand to fiat, since it has a fixed Total supply and can never be printed more than that. Speaking on the Bitcoin Halving, Ben Jones CEO of BITWALE said “that Bitcoin halving is a reminder that Bitcoin supply is limited and State money (fiat) cannot be inflated eternally”
He also added
“At this time, more and more people trust in Bitcoin. Bitwala is the everyday bridge to it. We are now partnering with Celsius Network, the world’s leading provider of crypto loans, so that our customers can leverage Bitcoin holdings wherever they are” – Ben Jones
Hopefully with time, we might have more Neo banks with licenses support this movement.
