“Better BSAVE than sorry!” BSAVE is a startup that intends to enable long term bitcoin holders to get the most effective returns without having to liquidate their bitcoin. This London based startup has recently announced that they have raised $400000 in seed investment.
Founded by a group of online entrepreneurs including Jonathan Azeroual who had formerly worked with Societe Generale as a quantitative analyst, BSAVE allows users to gain interests for their bitcoin holdings by depositing their bitcoin savings into BSAVE account. The BSAVE account is connected to the users’ Coinbase wallet and the interests gathered from the deposits will be calculated and credited to the same wallet once every 24 hours.
BSAVE uses a sophisticated mathematical algorithm to calculate variable interest rates. The interest rate is connected to the duration and size of bitcoin balance available in the user’s BSAVE account. In order to make its platform attractive to users, BSAVE offers an attractive interest rates for the deposits, in combination with simple, easy to use user interface and security features. Its partnership with Coinbase, to offer connected bitcoin wallets offers more credibility to this fairly new company.
Those depositing bitcoins on BSAVE will continue to have control over their bitcoins and in case they want to withdraw it at any time, they can withdraw completely without losing out on any penalties or fines. In a press release, one of the cofounders of BSAVE – Jonathan Azeroual has mentioned that the main intention of BSAVE is to provide users with a very simple online investments and savings platform that enable users to invest in
Jon was quoted saying-
“People come to expect more robust, user friendly and dynamic platform. It’s the threshold for delivering a digital product or service today. Money and banking are certainly moving toward this digital hunt and financial services face a digital and human imperative to become more efficient. Bitcoin and digital crypto-currencies may be best suited to disrupt finance and become a global platform for storing and exchanging value. BSAVE aims to unlock this potential by introducing a paradigm shift for online savings.”
Once the platform is ready and open for business, we have to see whether it will be a success or not.