River introduces interest feature for Bitcoin Cash deposits CoinJournal

Coin World reports:
River announces a new feature called “Bitcoin Cash Interest”
This product allows customers to earn BTC from interest earned on cash deposits.
The US-based platform will provide 3.8% interest on cash deposits.
The exchange stated in a press release that user funds are insured by the FDIC through a partnership with Lead Bank.
US Bitcoin exchange provider River has launched a new feature that allows users to earn BTC from their cash deposits.
River revealed in a statement that the new product, called “Bitcoin Cash Interest,” was announced on Tuesday. According to the company, the feature will allow customers to earn 3.8% interest from their cash deposits.
Introducing 3.8% cash interest – paid in Bitcoin!
Don’t let your cash depreciate due to inflation, even in “high-yield” accounts.
Unlock the predictability of the US dollar and have the opportunity to accumulate real wealth in Bitcoin. Only on River.
pic.twitter.com/EDr7jpMAPC
-River (@River)
October 22, 2024
Partnering with Lead Bank
River isn’t just a river. However, it has partnered with Lead Bank, registered with the Federal Deposit Insurance Corporation (FDIC), to provide insurance for customer deposits up to $250,000. This means that users’ funds at Lead Bank will benefit from FDIC insurance, protecting them from bank failures.
River states that users can withdraw their funds at any time.
Alex Leishman, CEO of River, stated, “In a world where traditional savings accounts don’t fully protect your wealth, Bitcoin Cash Interest provides a new path forward. By combining the predictability of cash with the opportunities of Bitcoin, we empower you to control your financial future.”
Cory Klippsten, CEO of Swan, commented on River’s new product:
I love the new product from River, earning 3.8% interest on a Bitcoin dollar account.
It’s a simple automatic conversion of dollars -> BTC representing the interest you earn.
I get 4.52% on my cash interest, so I’m giving up 0.72% as a trade fee. Not earth-shattering, but cool!
-Cory Klippsten