London-based cryptocurrency platform Ziglu has launched an account that pays users the equivalent of 5% annual interest on their bitcoin investments.
According to an announcement Thursday, interest will be calculated “every second” – which will then be added to users accounts weekly.
Customers will retain instant access to the bitcoin and not have to sign up for depositing for any fixed length of time, a Ziglu spokesperson told CoinDesk.
The “Bitcoin Boost” account launches against the backdrop of an all-time low Bank of England base rate of 0.1%, cut from 0.25% in March 2020 in response to the coronavirus pandemic.
Ziglus announcement cited Bank of England data showing that variable-rate individual savings accounts (ISAs) earn as little as 0.35%, the lowest since ISAs were introduced.
The London-based firm raised over $8 million from around 1,250 investors in a crowdfunding campaign last year bringing its total fundraising to $14.8 million.