River Financial Exchange has recently launched a new feature that allows users to earn interest on their cash deposits, with the option to receive payments in either USD or BTC. The interest rate for this feature is currently set at 3.8% as of October 22nd.
Unlike traditional banks, River Financial Exchange is not a bank itself. However, they have partnered with Lead Bank, a member of the Federal Deposit Insurance Corporation (FDIC), which means that user deposits are protected up to $250,000. This partnership provides users with added security and peace of mind when depositing their cash with River.
The primary goal of this new feature is to provide bitcoin users with the opportunity to maintain a cash buffer for everyday expenses while also earning BTC. By offering a competitive interest rate on cash deposits, River aims to attract customers who are looking to earn passive income on their savings.
One key difference between River’s offering and other bitcoin yield-bearing products is that River is focused on providing yield on customer cash, rather than on their bitcoin holdings. This distinction is important as it ensures that users can earn interest on their cash deposits without having to risk their bitcoin investments.
Overall, River Financial Exchange’s new “Bitcoin Interest on Cash” feature provides users with a unique way to earn interest on their savings while still having the flexibility to receive payments in either USD or BTC. With the added security of FDIC insurance on deposits, customers can trust that their funds are safe and protected while earning passive income through River’s platform.