BitLeague Blockchain Project Introduces Bitcoin Term Deposits Product With 9% Interest
BitLeague Introduces Bitcoin Term Deposits With 9% Interest
BitLeague, a blockchain startup based in Delaware, has introduced a Bitcoin term deposit product. This announcement was made at Consensus 2019, where the company also confirmed that the term deposit would offer a 9% interest yearly with a lock-in period ranging from 3 to 36 months.
Adnan Gilani, the president of BitLeague, said that their mission is to create an equal and open financial platform that offers liquidity and enormous profits to its users. He further compared their product to the certificate of deposit offered by conventional banks. In this regard, Gilani mentioned that their offer was more valuable to the user because it has an interest of 9% while banks offer a paltry 2%.
Additionally, BitLeague will soon start trading services for crypto assets. The company will offer zero-commission trading on Bitcoin transactions in 14 states in the US as an incentive to drive new investors to their new platform. Concerning this, Gilani said that the company intends to promote the adoption of Bitcoin because it is the future global currency. He added that the zero-fee trading service allows users to transact cryptocurrencies free of charge, and if they want to hold on to the Bitcoin, they can use the Bitcoin term deposits.
The launch of the Bitcoin term deposits by BitLeague coincided with the resurgence of Bitcoin. Over the past week, the digital currency has urged by a remarkable 37% and is now valued around the $8,000 mark.
Meanwhile, crypto enthusiasts will have to wait longer for the much-anticipated introduction of Bitcoin ETFs. This is because the Securities and Exchange Commission (SEC) has once again postponed its decision on whether to approve Bitcoin ETFs as proposed by the Bitwise asset management firm. Bitcoin ETFs are expected to spur the entry of institutional investors into the crypto space, a development that could increase the value of Bitcoin significantly.