Bitwala Crypto Banking
German blockchain and crypto banking firm has announced its partnership with the decentralized finance (DeFi) platform Celsius to offer Bitcoin holders a chance to earn an annual interest on their Bitcoin (BTC) holdings. According to the announcement, Bitwala has introduced a new Bitcoin interest account for its customers through which they can earn interest.
BTC Holders can earn up to 4% annual interest
German blockchain bank has collaborated with the crypto lender Celsius Network to launch the new bitcoin interest account. By using the Bitwala interest account, users will be able to earn an annual interest of up to 4% on their bitcoin holdings. The company says that the holders of this new account will be allowed to buy bitcoin at Bitwala, store them free of charge, and then they can earn interest on their holdings. Explaining the interest rates further, the Berlin-based bank said, “Interest rates are calculated by Celsius on a weekly basis, based on the demand for Bitcoin by their institutional borrowers.”
According to the partnership agreement with Celsius, the bank will utilize the loan facility of the Celsius Network for the distribution of interest. As per the official announcement, the banking firm Bitwala will be the first fiat bank that is offering an annual interest to its customers on their bitcoin holdings.
More and More People trust in Bitcoin
Announcing their partnership with the Celsius Network, the Chief Executive Officer (CEO) at Bitwala, Ben Jones said in a statement that nowadays many people trust in Bitcoin and said that Bitwala is the everyday bridge to it. According to the statement of Bitwala CEO:
“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.”
The CEO at the Celsius Network Alex Mashinsky is of the view that it is actually good to combine a bitcoin account with a bank account as it will lead us to mass adoption.