River Introduces BTC Yield on USD Deposits
Bitcoin financial services firm River has teamed up with Lead Bank to launch Bitcoin Interest on Cash product, allowing users to earn bitcoin or USD interest on their cash deposits.
- "Today, at River we’re announcing Bitcoin Interest on Cash! Now, US dollars in your River account will earn 3.8%, paid in Bitcoin. That means more money for the things you care about," announced River.
- Lead Bank a member of the Federal Deposit Insurance Corporation (FDIC), meaning user deposits are protected up to the value of $250,000.
- According to River, Bitcoin Interest on Cash represents a significant shift in how individuals can manage their savings by combining the best of both fiat and Bitcoin worlds:
"In a world where traditional savings accounts are unable to fully protect your wealth, Bitcoin Interest on Cash offers a new path forward. By combining the predictability of cash with the opportunity of bitcoin, we’re empowering you to take control of your financial future and earn more money for the things that matter," said Alex Leishman, CEO of River.
- "Most people still need dollars in their daily lives. The real challenge is holding those dollars while still getting ahead—and that’s where Bitcoin Interest on Cash comes in. River protects your assets with FDIC-insured cash, up to $250,000, and bitcoin that is always held in full reserve," said the firm.
Key features
- Earn ~3.8% interest on cash, which can be paid in bitcoin or USD.
- Interest may be earned on cash that has settled at Lead Bank. 3.8% rate is as of October 22, 2024, and is subject to change.
- Deposits are FDIC insured up to $250,000, and all bitcoin is held in full-reserve custody.
- There are no hidden fees or minimums.
- User cash can be withdrawn at any time.
- Bitcoin is held in full reserve custody with Proof of Reserves.
