Ziglu, the UK-based and FCA regulated cryptocurrency challenger, has launched Bitcoin Boost, an account that allows Ziglu users to earn interest equivalent to an annual percentage rate of 5% on their bitcoin.
Investors and savers are looking for alternatives to traditional saving schemes – interest rates have dropped to unprecedented levels, impacting savings rates that currently stand at their lowest ever level. Bank of England data shows that variable rate ISAs (tax efficient savings schemes) earn 0.35%, and even including any bonus and fixed rates for the year will earn 0.49% – the lowest since ISAs were introduced.
Through Ziglu’s Bitcoin Boost account, interest on the value of the bitcoin holding is calculated every second and an interest payment is added to the balance each week. Customers can buy or sell the bitcoin in their Bitcoin Boost account instantly and with no penalties – by providing this instant access, Ziglu has added a new layer of return to bitcoin, whether being held for a long period of time or for a matter of minutes.
Mark Hipperson, Ziglu Founder and Chief Executive Officer, said: “It’s pretty much impossible to find interest rates that are higher than the rate of inflation, and yet digital currencies and decentralised finance have massive potential to provide a real rate of return for everyone. Our aim is financial inclusion and choice – through the Bitcoin Boost account we are able to offer our customers instant access to bitcoin, and a game changing 5% rate of interest on the value of their bitcoin, no matter how large or small.”
Since launching last year, Ziglu has released a stream of new features and functionality with a focus on providing a safe, secure investment platform for crypto beginners, with their crypto-assets insured against cyber-attack. Ziglu recently announced the addition of an additional cryptocurrency, Tezos, to the app, giving customers access to five cryptocurrencies including Tezos, Bitcoin, Bitcoin Cash, Ether and Litecoin. Customers can also now make peer-to-peer payments across all currencies, both digital and traditional, and make faster payments to any UK account as well as being able to spend through a Mastercard debit card.