Japan’s Coincheck exchange launches interest-paying bitcoin deposit accounts

Japan’s Coincheck exchange launches interest-paying bitcoin deposit accounts

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Japan’s cryptocurrency exchange Coincheck announced it is launching the first in the country deposit accounts in bitcoin that pay interest.

According to the report of Nikkei Asian Review, Coincheck will offer four plans: a 14-day deposit with a 1% annual interest rate, 30-day deposit for 2%, 90-day deposit for 3% or a 12-month for 5%.

Meanwhile, Japan’s Financial Services Agency that oversees the financial services and providers said the new product of Coincheck is exempt from banking regulations, as bitcoin is not a legal tender.

Coincheck was launched in September 2014 as a transaction processor for the e-commerce industry. It has thousands of merchants using its Bitcoin payment solution. Aside from that, it is also a cryptocurrency exchange, a wallet service and a Bitcoin-based crowdfunding platform.

The coming in effect of the new bitcoin regulations, Japan has become the most frequent source of news regarding for services and products related to the virtual currency. Earlier this week GMO Internet, the parent holding of one of Japan’s largest forex brokers GMO Securities said it is launching its own cryptocurrency, GMO-Z.com coin, later this month. Also recently, media reports revealed that the number of established financial services providers and startups in Japan are showing interest in developing bitcoin exchanges and services, is growing.

According to some analysts Japan is also the main driver behind the surging bitcoin prices in the past several weeks, conquering historical high after historical high. Earlier this week, for example, the bitcoin reached a price of $1834, which is the highest since its launch in 2008. Statistics show, that in the past month its price gained 56.25%, or a little over $660.

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