BTC.SX Releases Bitcoin Savings Account, Rebrands to Magnr
BTC.SX, a trading platform which has brokered over 60,000 trades since 2013. In the first year of operation alone, BTC.SX has transacted over $50,000,000 worth of Bitcoin. With advanced features like 10:1 leverage to increase market exposure, as well as security features to keep your Bitcoins through cold storage and human audits.
Disclaimer: This article was provided by Bitcoin PR Buzz. Bitcoinist is not affiliated with BTC.SX/Magnr and is not responsible for its products and/or services.
Fast forward into now, with BTC.SX releasing their second product. Magnr, a blockchain based Bitcoin savings account powered by BTC.sx’s time-tested infrastructure.
“According to BitcoinRichList.com there are over $750 million worth of Bitcoin sitting idle. Magnr gives them the opportunity to put their Bitcoin to use.”
The Magnr team whom founded this idea consists of investment banking veterans including:
- Joe Lee – Formerly from Bank and Macquarie Group. Discovered BTC in 2011. Traded and turned $100 to $200,000. Used profit to seed-fund BTC.SX.
- Colin Kwan – Worked at Senior Management level at UBS and Deutsche Bank. Now is COO of BTC.SX.
Through the introduction of Magnr, the trading platform will also be renamed to Magnr as well. This strengthens the unity between the two products.
“The BTC.sx trading platform will be rebranding as Magnr. This is to highlight how the two products work together. The trading platform generates interest from traders, which is partly paid out as interest to savers.”
Interest rates will start out at 2.18% per year for the 6 month promotional period. Thanks to blockchain technology, users can deposit and verify funds in real time as well as calculate if interest has been paid out correctly.
“The savings accounts are powered by Blockchain technology. Magnr allows users to independently verify the safety of their deposit on the Blockchain’s public ledger. Additionally, the interest payout is calculated from Blockchain data. This lets users verify they are being paid the correct amounts.”
The blockchain has the potential to disrupt, innovate, or completely put technologies to extinction. Magnr and their blockchain based savings account is one of the many “firsts” that will come from embracing blockchain technology into FinTech as well as many other industries in the world.
“Joe Lee, Founder and CEO, anticipates Magnr will appeal to millennials. “We believe we are setting the future standard of savings accounts. Millennials are about to become the world’s most powerful demographic. We are seeing these digital natives rapidly adopt new products for alternative investment and saving opportunities. FinTech startups have a once in a lifetime opportunity to revolutionise banking. We are very excited to be pioneering digital currency savings accounts.”
The Original Press Release source is Bitcoin PR Buzz
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