Blockchain to Launch Interest Bearing Accounts
Crypto wallet and services provider Blockchain.com is set to roll out interest-bearing accounts, enabling users to gain yields on their bitcoin deposits.
Established in 2011, Blockchain.com is famously known for its bitcoin blockchain explorer and cryptocurrency wallet services. According to data shared with The Block, 28% of all bitcoin transactions in 2020 took place in Blockchain.com wallets.
But the company has recently commenced branching out to other lines of business, originating an institutional lending desk in August 2019 and a retail lending desk in March 2020. On Wednesday, Blockchain.com declared its intention to extend its product offerings further to include an interest-bearing account.
Blockchain.com is not the only firm giving yields on crypto deposits. BlockFi, for instance, commenced offering interest-bearing accounts last August, marketing an up to 8.6% yearly interest on crypto-assets such as BTC, ETH, LTC, and USDC. Celsius, Nexo, and Crypto.com have also issued related products.
Blockchain.com’s new service will only support bitcoin at the outset, offering up to 4.5% annual interest on users’ bitcoin deposits. But the team said that it is working on adding other assets like ETH and USDT in the future. The firm stressed that users in the United States, Canada, and Japan would not be able to access the new service at launch.
With regard to its recently launched retail lending business – which allows users to borrow USD-pegged stablecoin, USD Digital, against bitcoin held in their Blockchain.com wallets – the company said that it will soon make it available to U.S. customers and enable support for new crypto assets.
Additionally, the company is adding USDT and ALGO to the list of assets supported by its wallet, which also includes BCH, ETH, and XLM.
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