Cryptocurrency Savings Account: How this can Disrupt the Banking System?

Wyre is offering a savings product with more stability to interrupt the instable traditional financial market


Cryptocurrency payment startup Wyre announced that they will launch new savings account for the investors, reported by Coindesk.

The announcement came this Friday when the financial markets are in a panic because of the Coronavirus Pandemic. Already cryptocurrencies like Bitcoin, Ripple, and Ethereum proved as a major fiat alternative in the last few years.

So offering a stable crypto savings product might attract more users in the future.

Cryptocurrencies are a form of digital currencies known for faster and cheaper performances over the years. Already expert analysts are considering the currency as a major breakthrough for borderless transactions.

Moreover, Bitcoin became an instant hit when it reached nearly $20,000 in 2017 after a few months of a rally in the market. However, the creator of Bitcoin, Satoshi Nakamoto, had the vision to make cryptocurrency a daily go-to currency for the world.

Stable Cryptocurrency Savings Products can Attract Many Investors in the Future

Wyre is offering a white-labeled savings account for startups and traditional enterprises. Wyre vice president Jack Jia claimed that the interest rate of the product will be stable.

He says Wyre manages funds between MakerDAO, Compound, and two centralized crypto lenders. He also added that the new savings account will be called Wyre Savings API.

Unlike other crypto savings, it is less vulnerable to price drops, Jia added. Wyre is aiming “to offer a stable yield that has the least counterparty risk.”

Wyre is Looking for a Better Savings Experience

Since we are observing instability in the traditional financial market in 2020 Wyre is ready to launch a better product for better experiences. For instance, most of the traditional institutes are looking for yield, Jia claimed.

“Partners of Wyre are able to offer their users a crypto savings account by simply creating a new savings sub-wallet via the Wyre API”

So his team is looking forward to initiating a better product that can be used by the companies not experienced in cryptocurrency.

Jia also envisioned an Application Programming Interface (API) to help the investors pull out funds anytime. Furthermore, they can avail weekly interest using the Wyre Savings Account.

Read More: Are We Moving Towards an Eco-Friendly Credit Card Lifestyle?

Ehsanul Hoq
Ehsanul Hoq
Ehsanul Hoq is a freelance writer and researcher in the Business and Finance domain. He regularly writes for blogs, startups, and agencies. He covers business-related trending topics like Cryptocurrency, Personal Finance, Technology, and Real Estates.

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