Blockchain.com Is Launching Bitcoin Accounts Which Accrue Interest, And This Could Significantly Accelerate The Proliferation Of Decentralized Finance (DeFi)

May 20, 2020 / by Crypto.IQ

Blockchain.com, which hosts the world’s most popular and reputable lite-weight Bitcoin (BTC) wallet, has announced that they are planning on offering Bitcoin (BTC) savings accounts which accrue interest at a rate of 4.5% per year.

Unfortunately, this service will not be available in the United States, Canada, and Japan.

Regardless, this announcement seems to be yet another step in Blockchain’s gradual transformation from being a simple crypto wallet provider to a fully functional crypto bank. In August 2019 Blockchain.com launched their institutional lending desk, followed by the launch of their retail lending desk in March.

These lending desks use collateral like other DeFi platforms, where users can put up crypto as collateral and then receive a Tether (USDT) denominated loan. The good thing about crypto loans is that users can access some of the value of their crypto without actually selling the crypto.

The launch of Bitcoin (BTC) saving’s accounts may end up being much more popular than the lending services, since it is an easy and passive way to earn Bitcoin (BTC) income.

Notably, Blockchain has over 46 million users and accounts for 28% of all Bitcoin (BTC) transactions in 2020, so the launch of Bitcoin (BTC) savings accounts on Blockchain could significantly expand Decentralized Finance (DeFi) adoption.

The proliferation of DeFi continues, and conditions seem more favorable than ever before for the growth of the DeFi sector now that Blockchain is launching Bitcoin (BTC) savings accounts.

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