Cryptocurrency platform Ziglu has launched its Bitcoin Boost product, offering UK-based customers the opportunity to take advantage of annual percentage rates of 5% on the widely used crypto-coin.
The firm, which was established by Mark Hipperson, co-founder and former CTO of Starling Bank, states that its new product calculates Bitcoin rates ‘every second’ and will be added into users’ accounts on a weekly basis.
“It’s pretty much impossible to find interest rates that are higher than the rate of inflation, and yet digital currencies and decentralised finance have massive potential to provide a real rate of return for everyone,” said Hipperson.
Our aim is financial inclusion and choice – through the Bitcoin Boost account we are able to offer our customers instant access to bitcoin, and a game changing five percent rate of interest on the value of their bitcoin, no matter how large or small.”
Speaking to Coindesk, Ziglu confirmed that its customers will be able to access the Bitcoin in their accounts instantly, and are not constrained by time limits or deposits.
The crypto-firm has also cited Bank of England data showing that variable-rate individual savings account (ISAs) are currently earning the lowest since their introduction, at only 0.35%.
Bitcoin Boost has been launched against the Bank of England’s record low base rate of 0.1%, having been rescued from 0.25% in March of last year due to the financial impacts of the cornovarius pandemic.
Ziglu currently maintains a roster of five cryptocurrencies on its platform – Bitcoin, Bitcoin Cash, Ether, Litecoin and Tezos – with Tezos being the most recent edition, having been incorporated earlier this month.
The fintech’s customers can make payments across both digital and traditional currencies, can pay to any UK-registered account and use a Mastercard debit card to conduct transactions.
Interest in cryptocurrency investment is growing in the UK, with a study in January showing that a third of British consumers were ‘intrigued’ by Bitcoin, but chose not to due to a lack of understanding of the market.
The study also found that when asked what sector they would invest over £100 into, 30% of respondents chose cryptocurrency as one of their top three choices.
Bitcoin alone has seen a dramatic upsurge in value recently, rising by 2% to $144 billion following PayPal’s decision to allow crypto-transactions last week.