According to BitcoinRichList.com there are over $750 million worth of bitcoin sitting idle. Magnr, a company dedicated to providing Cryptocurrency Financial Services, is trying to change this by allowing the first-ever blockchain-based “savings accounts.” Magnr currently operates across two verticals: trading and saving.
“Magnr allows users to independently verify the safety of their deposit on the blockchain’s public ledger,” says CEO Joe Lee. “Additionally, the interest payout is calculated from blockchain data. This lets users verify they are being paid the correct amounts. This is the first time that savings accounts have received a fintech makeover.”
Magnr was created from the founding team of BTC.sx. It is a new, rebranded version of the BTC.sx trading platform. BTC.sx Bitcoin Trading Platform has brokered more than 60,000 trades since the introduction of its leveraged trading service in 2013.
Magnr generates interest from traders, which is partly paid out as interest to savers.
“One of blockchain’s greatest innovations is its immutable ledger,” says Lee. “When developing our interest-bearing product, we asked ourselves on a technical level how we could rely on the blockchain as an external database as much as possible. To calculate interest payable, we take the timestamp from