UK-based Bitcoin savings account service BSAVE.io has announced closure of a US$400,000 seed funding round.
BSAVE, the brainchild of former Société Générale analyst Jonathan Azeroual, announced the investment from a still unknown source in a press release Monday.
“Bitcoin and digital crypto-currencies may be best suited to disrupt finance and become a global platform for storing and exchanging value,” Azeroual said. “BSAVE aims to unlock this potential by introducing a paradigm shift for online savings.”
The principle behind BSAVE lies in an algorithmically-calculated dividend paid on balances stored with the service, which is directly linked to Coinbase accounts and is therefore dependent upon users signing up with the wallet provider.
According to BSAVE, Coinbase, which has previously received criticism for its user identification requirements and data sharing practices, was chosen as a partner “due to their stringent security procedures and their large customer base.”
Other market offerings such as Magnr, which offers a fixed 2.18% return over a six-month period, do not place this prerequisite on prospective users.
Nonetheless, the savings account is something of a growing trend as a storage solution for dormant BTC funds on the market through its payment of interest, which is calculated according to factors including the size of funds held and the duration of storage.
“People come to expect [a] more robust, user friendly and dynamic platform,” Azeroual summarized.
BSAVE meanwhile also announced Monday the unveiling of “something very exciting” on its Twitter page, with further details still forthcoming.
Hello #bitcoin world! We are getting close to something very exciting! Get Your Early Access at https://t.co/tElyNxlaUe #bsave #coinbase
— BSave (@bsave_io) October 19, 2015