Magnr enables bitcoin trading and wealth management for digital currencies by creating the world's first blockchain-based bitcoin Savings Accounts

Country: UK magnr
Year: 2015

An insurance company could use this innovation in order to: 

  • L&S products: an insurance company could create a L&S product based on bitcoin or other cryptocurrency.
  • Loans: an insurance company could propose cryptocurrency-based loans, namely as a counterpart for its cryptocurrency-based L&S products.

Concepts

  • Magnr is both a trading platform called Magnr Trading that allows users to make leveraged trades on the value of Bitcoin and a saving bitcoin system called Magnr Savings that allows users to earn interest on their bitcoin deposits according to a monthly basis calculated using blockchain’s public ledger (based on how much and how long users save).
  • The interest rate comes from the fees generated by traders, which are then passed on to savers. Therefore the variable interest rate depends on the amount of trading activity on the platform. Interest is paid out on a set date at the beginning of each month, earned daily and becomes available after one month of saving.
  • Magnr supports various exchange partners among which Bitstamp, itBit and Bitfinex.

Consumer Benefits

  • Direct market access: Order execution is placed on the open USD/BTC market.
  • Easy to use: There is no margin calls to manage nor a margin maintenance required. Deposits and payouts are made in Bitcoin only, removing the need to exchange and handle fiat currency balances and users can transfer funds between their saving and trading accounts.
  • Security: Users cannot lose more than their initial deposits.
  • Transparency: Magnr Savings uses the blockchain to keep a record of all deposits made by users which allows them to independently verify the safety of their deposit on the Blockchain’s public ledger and check that their interest payments are correct.

How to use

  • Enter your email address and password then click ‘Sign Up’ at the bottom of this page to open an account with Magnr.
  • Send bitcoin from your normal wallet into a Magnr account. The maximum amount users can earn interest on is 100 bitcoins. Users must deposit a minimum of 0.1 BTC to earn interest. Deposits are credited to their account after three confirmations (up to 60 minutes needed
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