Globally recognised crypto platform, Luno, today launches a “Bitcoin Savings Wallet”, which will allow users to earn up to 4% interest while using bitcoin as a day-to-day payment method. The launch of the Bitcoin Savings Wallet comes following research conducted by Luno finding more than a third of people (35%) -are not currently earning any interest on their cash savings at all; with inflation above zero, this means that their money will have less purchasing power each year.
Luno’s research also found that more than half of people (54%) are not earning interest through their current or savings bank account, with 40% lacking confidence in their local currency.
With this in mind, the launch of Luno’s Saving Wallet comes at a time when the need for a reliable, digital alternative is most needed. Bitcoin outperformed all the other stock exchanges (and gold) in 2020 and Luno’s research shows that at least half of people globally would like a single global currency, with a massive 94% stating that they would want to earn interest on their Bitcoin balance.
Key Features of the Bitcoin Savings Wallet
The new Bitcoin Savings Wallet will enable Luno users to make immediate payments in Bitcoin to any account worldwide, with users able to pay as little as a fraction of a cent using the new platform. Key features of the Bitcoin Savings Wallet include:
- Up to 4% interest on your BTC balance
There are no fixed terms, no admin fees, and your funds can be moved into your normal wallet whenever you need
- Interest is paid out on the 1st of the month
You can either choose to leave your earnings in your Savings Wallet to compound and grow exponentially, or you can withdraw them straight away
The new savings wallet will enable customers who have a BTC balance to earn passive income on their idle balance with little effort and no penalties. Saving 1 BTC at a simple interest rate of 1.5% per annum would generate the customer 0.015 BTC per annum (around £124.00 GBP/ $160.00 USD at the time of writing)
Faith in Bitcoin
- Over 8800 Luno customers completed an internal survey found more than 75% of customers expect the Bitcoin price to be higher or much higher by the end of 2020.
- Less than 5% of customers indicated that they plan to sell their Bitcoin over the next 6-months
- More than 50% indicated that they have no other investments other than crypto – opportunity to “diversify” investments within Luno
Marcus Swanopoel, CEO and Co-Founder of Luno, said: “In a time of economic uncertainty, the Bitcoin Savings Wallet is a safe alternative for anyone looking to make meaningful savings on their money. Almost 95% of our customers have said they want to earn interest on their Bitcoin, and because of the nature of Bitcoin, we are able to offer a much higher interest rate than traditional savings accounts.
“Introducing interest with a bitcoin savings account comes at a time when traditional investments have shown vulnerability at a time of crisis. There has never been a better time to utilise a currency that does not rely on a healthy economy to determine its value.”