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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.
Updated May 9, 2023, 3:17 a.m. Published Apr 8, 2021, 7:00 a.m.
London-based cryptocurrency platform Ziglu has launched an account that pays U.K. users the equivalent of 5% annual interest on their bitcoin investments.
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- 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
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