bitcoinlfg

Tag: introduces

  • Oklahoma introduces strategic Bitcoin reserve act

    Oklahoma introduces strategic Bitcoin reserve act

    • Oklahoma joins Texas, Pennsylvania, Ohio, New Hampshire and North Dakota in having Bitcoin reserve proposals.
    • State savings accounts and pension funds will have the nod to invest in BTC if the bill passes.

    Oklahoma is the latest US state to eye a strategic Bitcoin reserve after Rep. Cody Maynard officially introduced a ‘Strategic Bitcoin Reserve Act.’

    On Wednesday, January 15, 2025, Rep. Cody Maynard, announced the introduction of the groundbreaking proposal that could see Oklahoma embrace sound money with addition of BTC to state’s strategic reserve.

    “Bitcoin represents freedom from bureaucrats printing away our purchasing power,” Maynard said. “As a decentralized form of money, Bitcoin cannot be manipulated or created by government entities. It is the ultimate store of value for those who believe in financial freedom and sound money principles.”

    Sixth US state with a BTC reserve proposal

    The announcement follows similar initiatives in Texas, Pennsylvania, Ohio, New Hampshire and North Dakota. With Oklahoma taking this step, six US states are now actively looking at bills aimed at incorporating BTC into their financial systems.

     “This bill is about protecting the hard-earned money of Oklahoma’s citizens,” Maynard continued. “By diversifying our state’s savings and pension funds into digital assets, we are not only securing a stronger financial future for our state but also demonstrating Oklahoma’s leadership in adopting innovative fiscal policies.”

    President Donald Trump supports the idea of a US bitcoin reserve, a move that has legislators optimistic the new administration will make America the hub of crypto and BTC. US Senator Cynthia Lummis recently introduced the Bitcoin Act, which seeks to have the US government add BTC to its strategic reserve.

    Oklahoma’s new bill seeks to have the state’s savings accounts and pension funds invest in Bitcoin.

    Share this article
    Categories
    Tags

    Source link

  • River introduces Bitcoin interest on cash deposits feature

    River introduces Bitcoin interest on cash deposits feature

    • River has announced a new feature dubbed, ‘Bitcoin Interest on Cash’
    • The product allows customers to get BTC for interest earned on their cash deposits.
    • The US-based platform will offer a 3.8% interest on the cash deposits.
    • User funds are FDIC-insured via its partnership with Lead Bank, the exchange said in a press release.

    River, a US-based Bitcoin exchange provider, has introduced a new feature that lets users earn interest in Bitcoin on their cash deposits.

    The new product is ‘Bitcoin Interest on Cash’, River revealed in an announcement on Tuesday. According to the company, the feature will allow customers to earn a 3.8% interest on their cash deposits.

    River partnership with Lead Bank

    River is not a bank. Howver, it has partnered with Federal Deposit Insurance Corporation (FDIC)-registered Lead Bank to insure customer’s deposits up to $250,000. It means users’ money in Lead Bank will benefit from FDIC insurance, with customers protected against a failure for the bank.

    River says users can withdraw their funds at any time.

    “In a world where traditional savings accounts are unable to fully protect your wealth, Bitcoin Interest on Cash offers a new path forward. By combining the predictability of cash with the opportunity of bitcoin, we’re empowering you to take control of your financial future,” Alex Leishman, chief executive officer at River, noted.

    Swan CEO Cory Klippsten commented on River’s new product:

    According to the exchange, the 3.8% interest could be huge as Bitcoin price looks to rally. The same earnings over the past two years, for instance, could have returned 16 times the average savings account.

    Bitcoin traded around $67,500 on Tuesday, October 22, 2024.

    The current BTC price is up over 125% in the past year. Notably, the gains were much higher when BTC raced to its all-time high above $73,000 in March.

    Share this article
    Categories
    Tags



    Source link

  • Binance-backed Solv Protocol introduces Bitcoin staking on Base with cbBTC token

    Binance-backed Solv Protocol introduces Bitcoin staking on Base with cbBTC token

    Solv Protocol introduces Bitcoin staking on Base with cbBTC token
    • Solv Protocol has launched Bitcoin staking for cbBTC holders on the Base network.
    • cbBTC holders on the Solv protocol can mint SolvBTC and convert it to SolvBTC.BBN for Bitcoin staking yield.
    • cbBTC, backed 1:1 by Coinbase’s BTC holdings, is live on Ethereum and Base for DeFi integration.

    Solv Protocol, supported by Binance Labs, has unveiled its latest innovation in the cryptocurrency space: Bitcoin staking for holders of the newly launched wrapped Bitcoin token, cbBTC, on the Base network.

    Coinbase’s cbBTC token allows Bitcoin holders to convert their assets into this new wrapped token, similar to previous efforts with Wrapped Bitcoin (WBTC).

    The conversion process involves transferring Bitcoin from user accounts to either Base or Ethereum addresses, where it is transformed into cbBTC. This token can then be utilized across various DeFi protocols, including MakerDAO, Aave, and Compound as we had detailed in our earlier news coverage.

    Earning Bitcoin staking yields on Solv Protocol with cbBTC

    Solv Protocol is capitalizing on the newly launched Coinbase cbBTC token, which is backed 1:1 by BTC holdings on Coinbase and is now available on both Ethereum and the Base layer 2 chain to offer Bitcoin staking through the cbBTC token on the Base network.

    Solv Protocol enables cbBTC holders to mint SolvBTC, a token designed to enhance participation in decentralized finance opportunities. The users can then convert SolvBTC into SolvBTC.BBN, a liquid staking token that provides additional Bitcoin staking yields.

    Solv Protocol’s latest offering adds to the growing array of platforms providing liquid staking or restaking opportunities for Bitcoin, alongside other services like Lombard Finance, Swell, and AcreBTC.

    Share this article
    Categories
    Tags



    Source link