Hey hey I know strike was working on a similar product on cash balances held not bitcoin. River offered this I think 2 years ago. But only on cash held not bitcoin.
I think exchanges are doing this to get bitconers to deposit bitcoin into the platform.
I turned it on in my app
Don’t hold much BTC on cash app 😆
The 2% maybe they are using the Bitcoin for lightning liquidity?? Where is the yield coming from?
Pretty impressive!
Happy shareholder of block! Should add more shares today!
2% per year, paid weekly. Not 2% per week.
thank you. My first thought when reading "2% per week" is "scam"
Thanks for fixing my error
I bet it's not available to NY residents, which might be a good thing. I have some ugly memories of Gemini Earn. And who can forget Mr. Mashinsky and Celsius?
But this Jack Dorsey and Block has a real balance sheet
The Winklevoss twins were doing okay too.
True
Is that the symbol they are using for Sats in their app?
Yes indeed
2% annually paid weekly sounds a lot more reasonable than 2% every week 😂. Still, the interesting part to me is where Block is actually generating that yield. If the tradeoff is giving them custody of your BTC for a relatively small return, I’d rather understand the source of the yield and the counterparty risk first.
😅 oops
It’s marketing to attract customers; don’t keep too many sats here, as it carries risk—only keep what you’re willing to lose.
As always, the only relevant question is:
or... did Jack go all BlockFi meets Do Kwon and are you the yield? lol
Deploying more yield - steady lads.
2% annually paid weekly is still pretty nice if you trust them.
Coinbase was doing a rewards system with USDC, but now at least on their CEX platform that bonus is limited to CB One members and I don't know if USDC bonuses are offered in Coinbase Wallet (aka Base App) anymore.
Sadly Bitcoiners are much more of a self-custody crowd than altcoiners.
Cool!
BTW cashapp isn't available in India.
another hoover vacuum for corn to die forever in kyc land
Facts