MGDA — — 12%APR Cryptocurrency interest
Cryptocurrency marketplace MGDA has introduced a new service, allowing users to store Crypto, and earn at the same time.
Announcing the news today across all media, MGDA have said that the interest earning, Bank of Crypto has been released and available to all current and new users wishing to earn even more from their cryptocurrency accounts. Too long have users been waiting, without any real way to earn, and store assets. Now, with cryptocurrency interest rates, reaching 12% APR, users have this viable earning option.
Users from around the world will have the option to deposit Bitcoin (BTC) or Ethereum (ETH) into the interest offering account. Currently, only two types of crypto are supported, however depending on the market, MGDA have been very open to adding in other options if there is a market swing.
The company also announced that users can feel free
from long term commitments as their assets in the interest accounts, can be
withdrawn without any timed agreements.
“When we think about interest and gaining on our savings, usually there is an agreed length, 1 year, 2 years, 5 years to get better returns. But in the MGDA, it will be different.
With the MGDA option, users can gain the same high earning rates, without any contracts or time locks. You can deposit today, earn today, and withdraw today. Off course, the longer the account is active, the more it can grow, but we really want to stress freedom and access for the user.”
— — — — MGDA Finance team
Interest gaining options have come from the strong connection MGDA has with banking, and also their employee base, having large backgrounds in finance and banking. The main aim is to complete with the similar traditional banking services, but attach the new blockchain technology backing, to allow those in crypto, to have a safe place to earn while they store their assets.
The service is available to all in the crypto space, MGDA have made great strides to ensure those holding large, or small amounts of BTC and ETH would be able to enter and gain rates similar to those with larger crypto investments.
BTC Minimum deposit amount = 0.05 BTC
ETH Minimum deposit amount = 1 ETH
With customer demand for lower entry thresholds, MGDA understands that offering the right entry points is key, and very important to lower barriers for everyone to profit. With 0.05BTC and 1ETH set respectively, users should have every chance to store and earn. With over 120 countries and users targeting the platform, it is essential that MGDA listen to customer feedback. In previous months, others have tried and required huge entry thresholds, and it told on the market. Prompting us to listen, and learn from the demands of the market.
MGDA are not the first in the industry to introduce savings and interest, however the company is backing its’ interest and offering competitive rates at 12% APR, as well as listening to what has happened during the course of 2019 to other services in the industry.
Many others have tried and failed, while MGDA have adapted and stressed a learning as the market develops attitude. It is an extremely interesting moment in the market, and with prices increasing, the desire to hold and earn should have a great demand. Bitcoin has hit a current year high of over 5,600USD, sparking increased interest and news surrounding where crypto may rise to this year.
Buying bitcoin, holding and earning interest may be the next level of advancement in the market, especially if year highs continue to happen. It is unlikely users will sell their assets.
MGDA over other competitors?
We asked the MGDA team, and this was their reply.
“Aside from talented people, understanding the market and customer view is key. MGDA has over the past few years, been developing a system and partnerships all built around user experience. The entire team owns cryptocurrency, has felt the highs and lows of the market, and has learned every step of the way about what it really means to be in this industry. Cryptocurrency has had many challenges and will have many more that we need to topple. This is a crypto bank for all of us, currently those in crypto, and those entering crypto, to feel secure and also be efficient, earning on our investments or savings daily. Our company doesn’t only want to enter into this industry, we want to be a leader in it. We have learned each step of the way by doing, and will continue to adapt and learn as a customer, for our customers to have the best products and services available.”
MGDA has developed partnerships within the crypto industry to strengthen the customer cycle. MGDA offers insights to new tokens in the industry, offers a place to store while earning interest, and has links with Unidax for larger token trading, with integrated crypto storage apps and usage available.
It is a one-stop solution.
Before investing, buying Bitcoin, buying Ethereum or selling, we will also attach a MGDA breakdown on terms and conditions. We always strongly urge users to read and make informed decisions before any choice.
MGDA — — Terms and Conditions
BTC or ETH assets in user’s transaction account’s will be transferred to the investment account. After depositing, all details are held in the investment account.
When depositing the assets from the transaction account to the investment account, the system will start calculating interest on the same day. You can withdraw your assets from the investment account anytime. The interest is calculated to the day before the transfer, and there is no interest for deposit and withdraw on the same day.
According to the amount of deposits, the interest is calculated on a daily basis. For example, if 100 ETHs are stored, with the stable 12% APR, the number of ETH per day increases by 100*12%/365=0.032876, and the number of ETH becomes 112 after 365 days.
The interest rate is valid on the day and will be adjusted as the market fluctuates and changes.
MGDA reserves the right to determine the final interest rate and the right to issue it.