The Vienna-basse cryto fintech Bitpanda is launching a new financial product. With it, Bitpanda wants to counteract Europe’s low-interest rate environment with its new product, “Bitpanda Cash Plus.” It intends to enable investors to earn returns on their money via money market funds.
Specifically, Bitpanda users can now choose in their app whether their money deposits in euros, U.S. dollars or British pounds (GBP) should automatically be invested in money market funds. According to the press release, this will make it possible to receive “market-leading returns”, starting at 2.5 per cent for euros, 4.1 per cent for U.S. dollars and 3.5 per cent for GBP.
“We’ve been disappointed by the low-interest rates on offer in Europe for several months now,” explained Bitpanda CEO Eric Demuth. “With central bank interest rates rising, but little of that rise being passed on to investors, we decided to find a way to make money market funds available to everyone.”