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Luno launches a savings wallet

Offering allows customers with bitcoin to earn passive income on their balance.
Image: Shutterstock

Cryptocurrency exchange Luno, previously backed by Naspers but now owned by New York-based digital asset investment firm Digital Currency Group, has launched a savings wallet, offering customers interest of up to 4%/year on their bitcoin holdings.

“The offering allows Luno customers with bitcoin to earn passive income on their balance with little effort and no penalties,” the company said on Monday.

“Because of the nature of bitcoin, we are able to offer a much higher interest rate than traditional savings accounts in certain regions (Europe, for example) and comparable to flexible interest offerings in emerging markets such as South Africa,” the company added.

A high percentage of South Africans who own cryptocurrency do so for speculative investment purposes, with the majority holding their bitcoin for the long term, according to Luno.

“Less than 5% of Luno’s South African customers plan to sell their bitcoin in the next six months. In fact most plan to buy more, so the savings wallet means they can earn interest by simply doing what they were planning to with their bitcoin,” said Luno Africa GM Marius Reitz in a statement.

There are no fixed terms and no administrative fees, with interest paid monthly, Luno said.  — (c) 2020 NewsCentral Media

This article was first published on TechCentral here.

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Interesting. Digital Currency Group are the boys who own the Greyscale suite of listed and SEC regulated crypto products. FYI, they took in over 1Billion dollars in the 3rd quarter alone. They been buying up more BTC everyday than is mined. We see you! lol. Quite a few ex saffers who are now Aussies and Americans making huge strides in Fintech. Nothing but delusions of grandeur if you are betting against this industry.

“Nothing but delusions of grandeur” – the last 7 words of that sentence are wrong.

So many have conflated blockchain with cryptocurrency just as many have conflated clime change with human-drive climate change.

In both cases the former is the reality. In both cases the latter is a farce that has been driven by hype. (Not unlike the enormous hype about BTC in the media during lockdown)

Cryptocurrency? No thank you.

… and you can be assured that the supportive comments on cryptos are from agents.

Well done, Luno.
Next DeFi listings, Staking, Pooling, CeDex?

Not while DeFi still has so much complexity and occasional smart contract failures. It’s too full of memes and speculation to be a good offering for retail investors. I’m fine with keeping these through the existing platforms for now.

Great! Stacking Sats made simpler.

Why don’t Luno not team up with the crowd, sorry professionals, from MTI…as they have a trading bot that provides greater % returns than what Luno could presently offer.

Seems to me Luno knows nothing about ‘bots’? Must be new to crypto…

End of comments.

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