{"id":1082,"date":"2020-08-17T11:27:57","date_gmt":"2020-08-17T11:27:57","guid":{"rendered":"https:\/\/businessner.com\/?p=1082"},"modified":"2020-08-18T05:56:02","modified_gmt":"2020-08-18T05:56:02","slug":"cryptocurrency-savings-account-can-disrupt-the-banking-system","status":"publish","type":"post","link":"https:\/\/businessner.com\/cryptocurrency-savings-account-can-disrupt-the-banking-system\/","title":{"rendered":"Cryptocurrency Savings Account: How this can Disrupt the Banking System?"},"content":{"rendered":"

Cryptocurrency payment startup Wyre<\/a> announced that they will launch new savings account for the investors, reported by Coindesk<\/a>.<\/p>\n

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.<\/p>\n

So offering a stable crypto savings product might attract more users in the future.<\/strong><\/p>\n

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.<\/p>\n

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.<\/p>\n

Stable Cryptocurrency Savings Products can Attract Many Investors in the Future<\/h2>\n

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.<\/p>\n

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.<\/strong><\/p>\n

Unlike other crypto savings, it is less vulnerable to price drops, Jia added. Wyre is aiming \u201cto offer a stable yield that has the least counterparty risk.\u201d<\/p>\n

Wyre is Looking for a Better Savings Experience<\/h2>\n

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.<\/p>\n

\u201cPartners of Wyre are able to offer their users a crypto savings account by simply creating a new savings sub-wallet via the Wyre API\u201d<\/p><\/blockquote>\n

So his team is looking forward to initiating a better product that can be used by the companies not experienced in cryptocurrency.<\/p>\n

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.<\/p>\n

\n

Read More: Are We Moving Towards an Eco-Friendly Credit Card Lifestyle?<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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 […]<\/p>\n","protected":false},"author":3,"featured_media":1083,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"","_seopress_titles_title":"Stable Crypto Savings: Wyre Launches New Account Amidst Financial Market Panic","_seopress_titles_desc":"Cryptocurrency payment startup Wyre announced that they will launch a new savings account for the investors, reported by Coindesk.","_seopress_robots_index":"","tdm_status":"","tdm_grid_status":"","footnotes":""},"categories":[41,40],"tags":[183,311,310,309],"_links":{"self":[{"href":"https:\/\/businessner.com\/wp-json\/wp\/v2\/posts\/1082"}],"collection":[{"href":"https:\/\/businessner.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businessner.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businessner.com\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/businessner.com\/wp-json\/wp\/v2\/comments?post=1082"}],"version-history":[{"count":4,"href":"https:\/\/businessner.com\/wp-json\/wp\/v2\/posts\/1082\/revisions"}],"predecessor-version":[{"id":1098,"href":"https:\/\/businessner.com\/wp-json\/wp\/v2\/posts\/1082\/revisions\/1098"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businessner.com\/wp-json\/wp\/v2\/media\/1083"}],"wp:attachment":[{"href":"https:\/\/businessner.com\/wp-json\/wp\/v2\/media?parent=1082"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businessner.com\/wp-json\/wp\/v2\/categories?post=1082"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businessner.com\/wp-json\/wp\/v2\/tags?post=1082"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}