Published 7 months ago • 4 minute read

PR: Nuri Bitcoin Interest Account

Introduction

The global economy faced strong headwinds with the onset of a pandemic in 2020. On one hand, from financial markets to supply chain all sectors were bracing for a visibly evident disruption. On the other hand, the digital assets domain was poised for a boom. 

Capitalizing on the anticipated Bitcoin boom, Berlin-based blockchain banking service provider Nuri (formerly Bitwala) announced the introduction of a Bitcoin Interest Account in May 2020 — a day after the Bitcoin Halving event last year. For this service, Nuri has partnered with the London headquartered crypto lending platform, Celsius Network.

Nuri Bitcoin Interest Account

Bitcoin Interest Account model

The Bitcoin Interest Account focuses on attracting crypto investments by offering passive income to investors. In simple terms, it is a hybrid model that combines the concept of staking with the traditional interest-bearing bank account format.

When a Nuri user invests in the Bitcoin Interest Account, these deposits are held in custody with the intent to provide advances or lending services. In return for their investments, Nuri users may receive a passive income of up to 5% annually in the form of weekly interest payments in BTC. Investments in the Nuri Bitcoin Interest Account are not subject to a lockup period.

As part of the collaboration between Nuri and Celsius, the funds from the Bitcoin Interest account will be used in Celsius Network’s asset pool. According to the Nuri website, Celsius held investments from 700,000 users with assets under management of more than USD 21 billion (as of 06 September 2021).  

Celsius provides advances to Institutional Borrowers by accepting deposits in the form of crypto-collaterals. These borrowers will be charged interest on borrowings by the network. A portion of these interest receipts will be shared with Nuri's Bitcoin Interest Account holders.

Features of Bitcoin Interest Account 

BTC Interest Account Holders are entitled to weekly compounded interest payments every Monday. However, the interest percentage keeps varying depending on market demand. A higher borrowing demand for a particular token can drive up its interest rates and vice-versa. The exact quantum of the weekly interest amount is calculated dynamically on each Friday.

Bitwala Bitcoin Interest Account 2

Since Celsius offers collateralized loans, there are no lock-in requirements for this account. Nuri users can withdraw their cryptocurrency at any point in time. Although they won’t be penalized for their withdrawal, it will have an impact when calculating the interest amount accruals.

The minimum deposit amount is equivalent to EUR 10 in BTC. This limit is fixed to account for the network fees incurred when transferring the bitcoins to the Bitcoin Interest Account. Other than the network fees, no investment or withdrawal fees are charged.

All cryptocurrency investments with the Bitcoin Interest Account are stored in non-custodial wallets and users have access to them at all times. To ensure higher levels of security, Celsius also performs automated KYC checks before accepting these funds in their asset pool.

Nuri Savings Plan

Nuri offers a savings plan to grow your cryptocurrency investments. This plan works similar to the traditional recurring deposits in banks. A fixed amount of funds can be invested in Bitcoin or Ether on a daily, weekly or monthly basis.

Setting up the Savings Plan investments on the Nuri application will trigger routine deposits automatically.

Since the investment amount and time frame is fixed, the saving plan can counter the price change impact to get desired results over a period of time. This strategy is termed Cost-averaging.

About Nuri

The company was founded in October 2015 by Jörg von Minckwitz, Jan Goslicki, and Benjamin P. Jones and operated under the name of Bitwala GmbH. The company rebranded to Nuri GmBH in May 2021. To date, it has raised over EUR 42.3 million from seven funding rounds. The latest funding round in July 2021 generated EUR 9 million in proceeds.

Bitwala Bitcoin Interest Account 2

BTC Price Update

At the time of originally writing (23 April 2021), BTC was quoting at USD 48,623.74. The price of BTC tumbled between May to July falling below USD 30,000 in July 2021. At the time of revising this post (20 September 2021), the price of BTC was gaining momentum and was last seen trading at USD 45,076.51. 

Please use the following link in order to open up a Nuri Bitcoin Interest Account and get EUR 35 as a welcome bonus for Nuri's Crypto or Banking Services. The reward will be directly credited when you make your first trade.

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DISCLAIMER

The views, the opinions and the positions expressed in this press release are those of the author alone and do not necessarily represent those of https://www.cryptowisser.com/ or any company or individual affiliated with https://www.cryptowisser.com/. We do not guarantee the accuracy, completeness or validity of any statements made within this press release. We accept no liability for any errors, omissions or representations. The copyright of this content belongs to the author. Any liability with regards to infringement of intellectual property rights also remains with them.

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