Luno now allows users to earn interest on cryptocurrency

Hanno Labuschagne

Hanno Labuschagne

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Luno now allows users to earn interest on cryptocurrency

Cryptocurrency exchange Luno has announced that its customers can now earn interest on Bitcoin, Ethereum, and USDC.

These currencies have been added to the platform’s savings wallet, which means that the company’s seven million customers can now earn up to 4% interest per annum on Ethereum holdings and up to 7.6% on their USDC balances. Interest is earned and paid in cryptocurrency.

Luno said this solution creates a flexible way to earn passive income on cryptocurrency holdings.
 
Nice. I think folks sleep on Luno. Their app is nice and simple and with PayU it's easier than any other app to deposit funds.
 
Not bad. Big fan of these guys though, https://www.yield.app/. Licensed, regulated, insured, and better interest rates. They adding BTC soon along with fiat rails, only down side is the minor inconvenience of having to send to Luno / Valr when you want to withdraw to ZAR.
 
I read somewhere it said there is a possibility your money could go missing
jammio said:
Doesn't the terms and conditions say that LUNO bears no responsibility for the loans and that your funds are not guaranteed?
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jammio said:
Doesn't the terms and conditions say that LUNO bears no responsibility for the loans and that your funds are not guaranteed?
Click to expand...
well I guess "not your keys , not your coin applies". But that's the case for any exchange really.
 
stealthhawk said:
I read somewhere it said there is a possibility your money could go missing
Click to expand...
I read this too! Today at 11:44 AM

Joking aside, if this is true, does it apply to BTC not held in a savings wallet as well? If your BTC could go missing regardless of where it is held on the platform ... which is a very scarey thought ... then might as well put it in the place that gets you some interest.
 
SilverCode said:
I read this too! Today at 11:44 AM

Joking aside, if this is true, does it apply to BTC not held in a savings wallet as well? If your BTC could go missing regardless of where it is held on the platform ... which is a very scarey thought ... then might as well put it in the place that gets you some interest.
Click to expand...
2 Risks here. 1. Lending partner could lose your money, and instead of interest gained you could lose capital. 2. You money is held on an exchange which could be hacked, and the coind could be stolen. Risking the future value that 1 Btc could maybe go to in a few years vs 4% per annum interest, but stolen Btc, I dont think its nearly enough % interest for the risk involved.
 
jammio said:
Doesn't the terms and conditions say that LUNO bears no responsibility for the loans and that your funds are not guaranteed?
Click to expand...
This

All these "savings" accounts have the same fine print in the terms. Leaving your crypto on exchanges is one thing, but this adds another 'point of failure' in losing it all

No thanks
 
Ridiculous. You need to agree to their terms that you risk losing your money, and the plus side is a measly 4 percent. You're better off trading alt coins.
 
Sensorei said:
Ridiculous. You need to agree to their terms that you risk losing your money, and the plus side is a measly 4 percent. You're better off trading alt coins.
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It sounds great on face value to 'mom and pop' people which will probably not read the terms either, that's the problem. I really do hope nobody gets rekt with something like this, stay safe!
 
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