This morning, River announced its bitcoin Interest on Cash feature through which it will offer a 3.8% interest rate, paid in bitcoin, on the dollars you leave in the custody of the platform, which is FDIC insured up to $250,000.
This return is comparable to what you'd earn on a high-yield savings account through an online bank like Ally, but again, you're earning bitcoins with River.
If you're like me, a bitcoin enthusiast who still likes to keep a sizable cash reserve in case of emergencies, this is a good deal. Look, I have one of those high-yield savings accounts through Ally, and I tell myself that I'm going to take the yield I earn each month and buy bitcoins with it, even though I rarely remember to do this.
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Introducing 3.8% interest on cash – paid in bitcoin!
Stop allowing your cash to lose value due to inflation, even in “high-yield” accounts.
Unleash the predictability of the dollar with the opportunity to build real wealth in bitcoin. Only in River. pic.twitter.com/EDr7jpMAPC
– River (@River) twitter.com/River/status/1848718565005779205?ref_src=twsrc%5Etfw”>October 22, 2024
Now, with River, I can basically automate that process, allowing River to convert that dirty fiat yield into bitcoins for me at the end of each month.
(Well, technically, I can't do this because I live in New York State, one of only two US states where River doesn't serve customers. We have this in New York, a land that was once the home of free people, but now drowning in bureaucracy – called the “BitLicense”, which makes crypto-industry-spends-its-golden-years-in-brighter”>quite difficult for bitcoin startups to do business in the statebut I digress.)
There are no monthly fees or minimums to start using this product and users can withdraw their cash whenever they want.
This is not only something for Bitcoiners to celebrate, but it is also a great way to bring standards to bitcoin, most of whom are afraid to buy bitcoin due to its volatility. Now they don't have to buy it; They can simply earn it by keeping the kind of money they are much more accustomed to.
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