Savings Archives -
U.S. and European trade negotiators are focused on aligning regulations on goods and services as they seek to cement a July trade cease-fire between President Trump and European Commission President Jean-Claude Juncker.
WSJ.com: What’s News Europe
This week the firm Ledgerx announced the soft launch of its ‘Ledgersavings’ platform, a new service that allows users to deposit bitcoin core (BTC) and accrue interest on the deposit over a variety of maturation periods. The CFTC-regulated company explains the new savings program will allow clients to gain an annualized return of roughly 16 percent, even when crypto-markets are not appreciating.
Ledgerx Launches Ledgersavings
Last May, the US Commodity Futures Trading Commission (CFTC) regulated digital currency clearinghouse and options exchange, Ledgerx, announced the company had plans to launch a savings program for BTC. The firm has been trading a lot of BTC derivatives over the past few months and Paul Chou, the CEO at Ledgerx, announced the official soft launch of Ledgerx savings on August 3. Chou says it is the first major service launch since the company started the digital currency options business.
“I’m excited to announce the soft launch of Ledgersavings, the first major new service since we launched Ledgerx late last year,” Chou details. “The first transaction was completed a few weeks ago and yielded the client a 15% per annum return on their Bitcoin for the next 6 months, even if Bitcoin depreciates or stays at current levels. This is a powerful use case in market conditions where Bitcoin is not appreciating.”
The First CFTC-Regulated Digital Currency Savings Options Allow Ledgerx Clients to Collect Interest on Idle Funds
Because BTC prices are volatile, the rate for a 2x strike call option for Ledgersavings is 16 percent annualized. Investors can opt for 3-month, 6-month, and 12-month maturities with interest paid out in USD. According to Ledgerx, the company holds the digital assets and a US bank holds the gained USD.
“Ledgersavings takes one of the most popular trades on the Ledgerx platform, call over-writing, and puts it in terms that are more intuitive to investors who are not as familiar with the minutiae of options theory.
We list contracts that have a defined maturity, an interest percentage in USD that you receive up front, and the terms of when you might exit the underlying Bitcoin. It provides an intuitively simple way to monetize an innate quality of Bitcoin — high volatility. You deposit Bitcoin, choose an interest rate, and you can get the cash today.
A lot of people hold their digital currencies for a while and a savings account allows people to earn interest on idle funds. Ledgersavings is the only CFTC-regulated interest-bearing account that works with virtual currencies but there are a few global trading platforms offering savings programs. For example, the trading platform Magnr not only offers digital currency trading but also a savings program that earns interest. Magnr Savings provides regular interest for deposited funds held with the company as well. In addition to the BTC savings options, the Ledgerx CEO details that the firm will also be supporting ethereum (ETH) in the future.
What do you think about the Ledgersavings platform Ledgerx launched this week? Let us know in the comment section below.
Images via Shutterstock, and Ledgersavings.
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Hate airport security lineups? The Transportation Security Administration is offering to eliminate screenings entirely at small and medium-sized airports in a new cost-saving effort, CNN reports. An internal TSA document outlines the proposed $ 300 million budget slash, including fewer federal air marshals ($ 39 million), cuts at TSA headquarters ($ 26 million),…
Dear Liz: I am 64, single and planning to retire in two years. I have saved enough to pay off my $ 100,000 mortgage. It will take the bulk of my savings but I have no other debts. I will have a pension and Social Security. I also have a credit score over 800. Should I do this?
Answer: Probably not.
Richard Overton is something of a celebrity in Austin, Texas, because the 112-year-old WWII veteran is the oldest living man in America. He now has a new distinction: the oldest American to be robbed of his savings, reports Newsweek . Family members recently learned that an unidentified thief used Overton’s identity…
A California anti-tax group is suing California Treasurer John Chiang as it tries to put the kibosh on a program that would provide retirement savings accounts to millions of California workers whose employers don’t offer a pension or 401(k).
In a lawsuit filed Thursday in federal court in Sacramento,…
Dear Liz: I am married and six months away from my full retirement age, which is 66. I have not filed yet. My wife started collecting Social Security at 62 but does not get very much. We are both in excellent health and have longevity in the genes. We don’t own a home. I have around $ 960,000 in…
A growing number of companies plan to use some of the savings they expect to realize from the tax overhaul to boost their contributions to employees’ 401(k) retirement-savings accounts.
WSJ.com: US Business
The GOP tax overhaul saved Wells Fargo & Co. more than $ 3 billion in the fourth quarter, but the bank also set aside more than $ 3 billion to cover costs related to ongoing problems with its consumer businesses, the company reported Friday.
In its earnings release for the fourth quarter and full…