Last updated on October 29th, 2020 at 10:47 am
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The new Luno BTC Savings Wallet allows users to earn a trageted rate of 4% interest per annum on their BTC deposit to Luno Savings Wallet.
Luno announced it’s BTC Savings Wallet today to allow crypto holders and crypto traders to earn passive income monthly.
How to use LUNO Savings Wallet:
- Simply move your BTC into the Savings Wallet and you’ll earn a targeted rate of 4% interest per annum.Go to the Wallets section of your Luno mobile App or on the Luno website.
- Tap Add New Wallet.
- Then follow the instructions.
Read Also: How Crypto Savings Account Interest Beats the New CBN Policy on Bank Savings Account Interest.
Remember that you can only access the Savings Wallet through the web platform and through the current version of the Luno mobile app (version 7.1.0).
Accumulated earnings are paid in bitcoin directly into your Savings Wallet on the first day of each month. You will have the option to either withdraw your Bitcoin earnings immediately and payments are made or you leave your earnings in your Savings Wallet to compound and grow in value.
The new Bitcoin savings wallet from Luno comes at a time when traditional banking systems across Africa have shown vulnerabilities and incapabilities during a time of crisis like the COVID-19 crisis.
There is zero admin fees or funds transfer fees ‘to and fro’ the wallet. The wallet is flexible allowing users to remove their funds any time they wish to remove them.
Crypto Savings Account is the new norm for most traders across Nigeria, who earn passively by holding their crypto assets on most Centralized Exchanges like Binance offering interest per annum on savings.
Quick Facts: Crypto Savings are the type of accounts similar to Bank Savings whereby the account holder can hold his crypto assets including Bitcoin to receive a particular percentage in return, monthly and yearly. Crypto Savings are flexible and the funds are withdrawable at any time.
