London-based BSave has announced the launch of its Bitcoin savings account at the North American Bitcoin Conference in Miami today.
Bitcoin service provider BSave has officially launched its savings account which credits an interest to the user’s account at the end of a 24 hour period, every day.
The British company is opening its wallet to the public following “intense months of beta testing,” according to a press release revealing the announcement today.
The BSave savings account is currently open to all Coinbase customers.
While details are scarce in the press release, the company’s website promises full liquidity with its savings accounts, with no penalties for any withdrawals. The account is also a zero-balance account, with no liabilities for users who withdraw all their bitcoins.
A quick explanation as to how savings are calculated goes:
We use sophisticated algorithms to calculate your payments according to the number of bitcoins you have deposited and the amount of time you have spent in your BSave saving account.
The company also states that it uses Coinbase’s API and service, meaning that BSave will not be able to debit user accounts nor have password access.
“Our system ensures that all the bitcoin in your BSave account can only be withdrawn to the unique associated Coinbase wallet,” the website explains.
The public release follows BSave’s original announcement of a savings account after completing a $400,000 round of seed capital funding in October 2015.
At the time, co-founder and former Societe Generale employee Jonathan Azeroual stated:
Bitcoin and digital crypto-currencies may be best suited to disrupt finance and become a global platform for storing and exchanging value. BSAVE aims to unlock this potential by introducing a paradigm shift for online savings.
BSave could not be reached for a comment immediately at the time of publishing.
Image from Shutterstock.
Last modified: May 21, 2020 10:34 AM UTC