GMO Click, a subsidiary of Japanese Internet giant GMO, has announced the launch of a new service that will allow customers to provide their bitcoins company at 5% per annum.
The new service can be accessed will be in may 2018, called Virtual Currency Rental Service (VCRS).
«Using the service VCRS you can put a bitcoin on Deposit at interest in a Bank, and is guaranteed to make a profit in accordance with the amount of your investment. The return of the Deposit is 5% per annum.»
Interested customers can apply for participation in the program from 11 April to 2 may. After the designated period during which applications will be collected from customers, the company will consider them and report its decision and will receive a detailed contract for the lending procedure to all who will qualify. At this stage, the service only supports bitcoin. The minimum Deposit amount is 10 BTC, maximum 100 BTC.
Deposit term — 90 days. Cryptocurrency can be taken away at any time, but in this case, no interest will accrue and will also need to pay a fine for the premature termination of the contract.
«During the term of the credit agreement, the cryptocurrency cannot be sold or transferred. If the client will need to pick up the coins earlier than 90 days, we will review the application and within five days transfer the bitcoins back to their account minus the fee for cancellation of the Deposit».
Payments will be calculated by the following formula: dividend = (loan amount x loan period (day) × interest rate) / 365. Ie, if the client moved to Deposit 10 BTC, then after 90 days he will receive: (10 BTC × 90 days × 5%) / 365 = 0.12328767 BTC
Five per cent per annum — much less than three months can earn an experienced trader. However, among the newcomers the new service will be in demand as will bring them guaranteed income.
A similar service with a yield of 1-5 percent was announced by the Japanese cryptocurrency exchange Coincheck in may last year. But unlike the hacked exchanges, GMO has a license from the local regulator FSA.