Easybitcoin app will allow users to buy, hold and sell bitcoin
Easygroup has entered the cryptocurrency market, launching a mobile app which it says will offer ‘great value’ for bitcoin investors.
Easybitcoin.app will allow users to buy, hold and sell bitcoin, as well as earning rewards on their balances.
Easygroup, founded by Sir Stelios Haji-Ioannou in 1998, owns the ‘Easy’ brand which is licensed to the likes of Easyjet which Haji-Ioannou founded and still owns a stake in.
The firm’s move into the crypto market comes after its research found that almost half of Americans, some 49 per cent, said bitcoin is difficult to buy, hold and sell, as a result of complex crypto platforms which Easygroup says are designed for sophisticated traders.
The new platform is powered by Uphold, an on-chain finance infrastructure provider.
It is currently only available in the US and is set to make its way to the UK later this year.
Easybitcoin: The app will allow users to buy, hold and sell bitcoin, as well as earning rewards on their balances
Haji-Ioannou, founder of Easygroup, said: ‘For too long, investing in bitcoin has felt like an exclusive club, out of reach for the general public with very high transaction costs.
‘With the easybitcoin.app, we’re aiming to change that and provide simple access via your mobile phone, great value and a focus on earning bitcoin rewards whether you’re buying or simply holding bitcoin.’
Easygroup said users can earn a one per cent welcome bonus on the first $5,000 of recurring buys they make each month. Users can earn up to $50 in bonus rewards for the first three months if they have a recurring buy set up.
A recurring buy is a an automated crypto purchase that follows a fixed schedule, often used to smooth out market volatility as part of cost-averaging strategies. These can be set daily, weekly, bi-weekly or monthly.
Bitcoin investors who keep a recurring buy going for a three-month period on the platform will earn a further two per cent reward on all their bitcoin holdings in the app.
‘Beyond appealing to the converted, receiving rewards in bitcoin on USD balances is the perfect draw for that huge segment of the population that has become aware of bitcoin, but has yet to take the plunge,’ said Simon McLoughlin, chief executive of Uphold.
The firm also said it will pay out 4.5 per cent interest on all USD balances held on the platform, with the interest paid out in bitcoin.
On balances of less than $10, the app will pay a two per cent rate. It said bitcoin interest can be transferred into USD.
Read MoreEXCLUSIVE One in four savers would consider buying cryptocurrencies as part of their retirement planning
In the US, balances will be protected up to $2.5million under the Federal Deposit Insurance Corporation. In the UK, the Financial Services Compensation Scheme offers similar (albeit lower) protection, covering £85,000 worth of assets.
It is unclear whether the FSCS scheme will apply to cash held in UK accounts when the platform launches.
Easygroup’s research reveals some 88 per cent of Americans say they trust bitcoin to grow their money over the next decade, according to research from the firm.
In the UK, cryptocurrency is also becoming increasingly popular, with more than seven million Britons holding some form of cryptocurrency.
Easygroup said bitcoin was a top three investment choice for 39 per cent of those surveyed, making it more popular than gold. More than half, 57 per cent, said they would rather invest in bitcoin than place their money in traditional savings accounts.
Almost two thirds said the cryptocurrency is an essential part of any investment portfolio.
Haji-Ioannou said: ‘This isn’t just about technology; it’s about financial empowerment and making bitcoin a practical investment option for all.’
This is Money podcast A delayed Budget, stamp duty row and gilt wobble – what’s going on? Would you move to Dubai to get away from tax hikes? Will there really be a new property tax? What is a down valuation and why are they rising? Interest rates divide Bank of England Why it now takes £3.1m to feel ‘wealthy’ More This is Money podcasts
Read more on Daily Mail Online
