LedgerX is a CFTC-regulated cryptocurrency platform that has recently started a new plan to attract more investors: a BTC savings account with a premium interest rate. The clients will be able to tweak several parameters to receive their interest rates in USD while investing on the account with bitcoin (BTC).
It is important to note that this new project, the LedgerX’s Bitcoin savings account, will work in a different way than normal banking accounts for savings do. This will happen because savings account do not match the concept that Bitcoin and other cryptos were originally made for, so the company had to use new ways.
How Will the LedgerX BTC Savings Account Work?
Since it cannot be made in a traditional way, the investors will be able to deposit an amount of Bitcoin on their accounts and then start earning in USD via what is being called by the company of “call overwrite”. Users will have several choices that they can submit to the engine to get profits.
These options allow the investors to select how they want to earn with Bitcoin. The company will keep the money and then trade it when the price is higher using the options provided by the customer, which will end up making the process of investing in Bitcoin considerably easy. Of course, for this product to work properly, Bitcoin’s price has to, in fact, rise.
LedgerX Savings Account Approved by the CFTC
LedgerX received approval by the CFTC last year, so it was only a matter of time until the company started to launch new products like this one. The CFTC allows the company to make trading operations that many of the non-approved companies cannot do.
This enables this company to create programs like the BTC saving account and act as a Swap Execution Facility (SEF).