Delaware-based blockchain startup BitLeague has announced the launch of a Bitcoin term deposit product to bring mainstream-like services to the crypto economy.
As announced at Consensus 2019, the term deposit will offer nine percent annual interest with a lock-in period of 3 to 36 months.
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BitLeague offering up to 9% interest rate on its Bitcoin Term Deposit product, is now open for public application on https://t.co/V7XZIDo4Vh and app https://t.co/t354tEhoEN pic.twitter.com/Jtgc4PBDlX
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Commenting on the product, Adnan Gilani, president of the company, said: “Our mission is to create a more equal, open financial platform, which brings more benefits to users, grows their wealth, and provides more liquidity to the system. The commercial bank only pays about 2% for one year Certificate of Deposit, we offer 9% fixed rate, this is how we add value to our clients.”
Zero-commission trading is the new norm
The US-based company is also set to start trading services for digital assets. To attract customers to its new platform, the company has decided to offer zero commission-based Bitcoin trading services in 14 states in the United States.
“Our goal is to help people to adopt the bitcoin, the next generation sound currency for everyone. Through our zero-fee trading service, we offer investors a convenient, zero cost way to invest in bitcoin; and if they want to hold bitcoins for long term value appreciation, they can pick one of our Bitcoin Term Deposits. This is how we offer integrated services to our clients,” Gilani added.
BitLeague’s product hits the market at a time when Bitcoin is soaring high in the market. The coin is trading above $8,000 after gaining around 37 percent in the last seven days.
Meanwhile, the Securities and Exchange Commission (SEC) has again deferred its decision on whether to approve the Bitcoin ETF proposed by asset manager Bitwise even with two other crypto ETF applications on the table.