Coincheck launches Bitcoin time deposit service to pay users interest in Bitcoin

Golden Finance News - Recently, news from Tokyo, Japanese bitcoin holders are about to get more benefits. Because the domestic bitcoin exchange Coincheck is launching the country's first bitcoin time deposit service that pays interest in digital currency.

Coincheck Launches Bitcoin Fixed Deposit Service

Tokyo-based Coincheck will offer four tiers of interest for its bitcoin time deposit service.

Let users deposit at an annual interest rate of 1% for 14 days, 2% for 30 days, 3% for 90 days, or 5% for the whole year.

So a Bitcoin holder who deposits 10 Bitcoins ($15,956) for 90 days will earn about 0.07 Bitcoins in interest.

It is said that tens of thousands of Japanese people hold some Bitcoin in their names, but many people only use Bitcoin for collection purposes, which obviously makes Bitcoin dust. The Bitcoin regular deposit service launched by Coincheck may activate these hidden Bitcoins.

The Financial Services Agency of Japan stated that since Bitcoin is not a legal tender, Coincheck's Bitcoin time deposit service does not need to comply with traditional banking regulations and the newly revised Funds Settlement Act; however, if the number of users suddenly increases or Bitcoin becomes widely accepted as a payment method, these time deposit services may face regulation in the future.

GMO Internet Launches New Bitcoin Trading Platform

GMO-Z.com Coin, a subsidiary of Japanese online services company GMO Internet, will also launch a new bitcoin online trading platform on May 24, allowing users to buy and sell the currency directly and leverage it in a similar way to foreign exchange trading. The operator expects domestic bitcoin users to grow as the government improves its virtual currency legislation.

Users will be able to pre-register on the exchange site starting Tuesday. When the site goes live, they will be able to trade currencies in Japanese yen and also trade spreads through derivatives contracts.

The GMO-Z.com site will initially serve Japan, but the operators hope to expand to other Asian countries.