Luno and Genesis have today announced a partnership which will allow Luno customers to earn interest on their cryptocurrency holdings.
The partnership will allow Luno to create savings accounts which offer “institutional-level interest rates to clients in traditional and emerging markets”.
The pair have designed this offer with underbanked customers in mind.
According to Luno and Genesis, “these innovative savings accounts will provide traditionally underbanked customers in emerging markets access to banking services via the market infrastructure built for the global crypto currency community, while providing another potential source for generating yield on crypto holdings for customers in all markets”.
In short then, these accounts offer you a way to earn some money off of cryptocurrency holdings rather than simply selling them on for fiat or another cryptocurrency.
“Our partnership with Genesis allows us to offer more diversified financial products to our customers. We’re dedicated to providing innovative financial solutions to consumers all over the world – whether they are in Africa, Asia or Europe – regardless of their local currency,” explains chief executive officer at Luno, Marcus Swanepoel.
This could be enticing for Luno users who are looking to capitalise on their investments a bit more.
Unfortunately Luno hasn’t shared what interest these accounts will earn or even how that interest rate will be determined.
This will be announced at a later date as the details of this partnership are finalised.