launches Magnr, the first savings account for Bitcoin

FinTech | June 24, 2015 By:

The owners of exchange have launched Magnr, “the first savings account for Bitcoin.”

“We believe we are setting the future standard of savings accounts. Millennials are about to become the world’s most powerful demographic. We are seeing these digital natives rapidly adopt new products for alternative investment and saving opportunities,” said Magnr founder and CEO Joe Lee.

According to there are over $750 million worth of Bitcoin sitting idle. Magnr gives them the opportunity to put their Bitcoin to use.

The savings accounts are powered by Blockchain technology. Magnr allows users to independently verify the safety of their deposit on the blockchain’s public ledger. Additionally, the interest payout is calculated from blockchain data. This lets users verify they are being paid the correct amounts.

They promise a 2.18 % return over the first six months of a deposit, and claim that all depositors will be able to audit their individual holdings on the Bitcoin blockchain.