Magnr - World's First Bitcoin Savings Account

[Magnr]

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Introducing the first savings account for Bitcoin
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FINANCIAL SECURITY
BitGo’s multisig security and 100% reserves keep your savings secure.

2.18% AER INTEREST RATE
Maximize your returns with a fixed promotional rate until 2016.

TRANSPARENCY
Verify the safety of your funds with Blockchain technology.

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HOW IT WORKS
Magnr is brought to you by the same team behind BTC.sx, the world's most secure bitcoin trading platform. By diversifying our product range, we are now able to utilise revenue from our trading platform and reward those who wish to save with us. After the fixed introductory rate, a variable interest rate will be used. This rate will vary according to trading activity on BTC.sx. Click here to learn more.

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Keeping your bitcoin safe is our top priority
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We Have a Proven Track Record.
Our bitcoin trading platform, BTC.sx, is trusted by thousands
of traders and has brokered over $50 million in trading volume.

Magnr savings accounts are not just an innovation for Bitcoin. Our savings accounts are among the few worldwide to operate with full transparency.

Traditional banks operate with a fractional reserve. This is where a bank lends out more money in loans than it receives in deposits. Although this lets banks make higher profits, their savers risk not being able to withdraw their deposit.

https://i.imgur.com/r0mdwGO.png

100% RESERVES
All deposits are held in highly liquid assets. This means that for every one bitcoin that is deposited, we have at least one bitcoin available to be withdrawn.

HUMAN AUDITS
All withdrawals are overseen by a Magnr engineer to verify their authenticity. Any suspicious requests are investigated before approval.

MULTI SIG STORAGE
Your savings account is not protected by just one password. It is protected by three passwords and a hierarchical wallet structure.

https://i.imgur.com/r0mdwGO.png
The Magnr team has a proven track record
https://i.imgur.com/r0mdwGO.png

Our bitcoin trading platform, BTC.sx, is trusted by thousands of traders and has brokered over $50 million in trading volume.

Magnr is located in the heart of London, where financial trust meets technological innovation. The United Kingdom offers favourable regulation and a thriving FinTech industry. We see London, in particular, as a future Bitcoin hub.

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Joe first discovered Bitcoin in 2011 and built his own trading bots turning an initial $100 investment into $200k. He then turned his attention to building trading infrastructure and BTC.sx was born. After gaining rapid traction, Joe left his investment banking job to focus on BTC.sx. Previously at: Macquire, Barclays Capital


https://magnr.com/images/Profile_CK_circle.png

Colin has a wealth of experience in the investment banking sector having served as Vice President at Deutsche Bank and UBS. His key focus on BTC.sx product development is to ensure the same level of quality found in the wider financial markets. Previously at: Deutsche Bank, UBS

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[Emerge]

*Audits

And you guys aren't the first savings service, there's already HaoBTC. How are you any different, and from where do you get the income to pay for the interest?

[Magnr]

*Audits

And you guys aren't the first savings service, there's already HaoBTC. How are you any different, and from where do you get the income to pay for the interest?

As explained above, the interest comes from the trading platform. We differ from HaoBTC in that we provide 100% reserves, operate with no hot wallets and are UK-based.

[s.mouse]

So you use the coins to trade and the profit from that pays the interest? Sounds like a bad idea if true.

[Mitchell]

So you use the coins to trade and the profit from that pays the interest? Sounds like a bad idea if true.

If I had to guess, I would guess that they use a portion of the fees, generated by the exchange, as interest.

[Magnr]

Yes. As stated for the third time, the interest comes from the trading fees

[Mitchell]

Yes. As stated for the third time, the interest comes from the trading fees

Well, it's not explicitly stated in the OP that you use trading fees, just that the interest rate differs based on the activity of your exchange, so I kinda get the confusion. It is explicitly stated on your website, but not everything reads that.

Anyway, this seems pretty cool and I might give it a shot.

[Seal]

Yes. As stated for the third time, the interest comes from the trading fees

Well, it's not explicitly stated in the OP that you use trading fees, just that the interest rate differs based on the activity of your exchange, so I kinda get the confusion. It is explicitly stated on your website, but not everything reads that.

Anyway, this seems pretty cool and I might give it a shot.

Hi its Joe here, founder of BTC.sx.

Our intention is to make this as transparent as possible. On-blockchain calculations for deposit and interest calculations are part of the way we are doing this.

By offering this service our goal is to build more reputable financial services for Bitcoin. My hope is that this is just the beginning of a much wider movement.

[starsoccer9]

What is the ETA on 2fa support? Just seems kinda dumb to me that I can login to my btc.sx account with 2fa but to login to my magnr account with the same password no 2fa is required

edit: also I have to ask what the logic is behind limiting interest to 10btc. Just anyone can create a second account with minimal effort needed.

[favdesu]

MULTI SIG STORAGE
Your savings account is not protected by just one password. It is protected by three passwords and a hierarchical wallet structure.

this is very important. could you please elaborate?

[ranlo]

Yes. As stated for the third time, the interest comes from the trading fees

Well, it's not explicitly stated in the OP that you use trading fees, just that the interest rate differs based on the activity of your exchange, so I kinda get the confusion. It is explicitly stated on your website, but not everything reads that.

Anyway, this seems pretty cool and I might give it a shot.

Hi its Joe here, founder of BTC.sx.

Our intention is to make this as transparent as possible. On-blockchain calculations for deposit and interest calculations are part of the way we are doing this.

By offering this service our goal is to build more reputable financial services for Bitcoin. My hope is that this is just the beginning of a much wider movement.

So what you're saying is that this isn't for profit, right? You're JUST doing this to help progress Bitcoin?

[Magnr]

MULTI SIG STORAGE
Your savings account is not protected by just one password. It is protected by three passwords and a hierarchical wallet structure.

this is very important. could you please elaborate?

Our Multisig technology is provided by Bitgo. We own a private key to sign transactions, another backup private key and then BitGo own the third private key. Based on customer feedback on Reddit, we hope to give users the option to own a private key down the road. The hierarchical wallet structure allows us to better manage our deposits by backing up the seed wallet to prevent other wallet backups being invalidated.

I hope this covers everything, but let us know if there any more specific questions that come to mind. 

[jdebunt]

Keeping an eye on this service for journalistic purposes

[favdesu]

MULTI SIG STORAGE
Your savings account is not protected by just one password. It is protected by three passwords and a hierarchical wallet structure.

this is very important. could you please elaborate?

Our Multisig technology is provided by Bitgo. We own a private key to sign transactions, another backup private key and then BitGo own the third private key. Based on customer feedback on Reddit, we hope to give users the option to own a private key down the road. The hierarchical wallet structure allows us to better manage our deposits by backing up the seed wallet to prevent other wallet backups being invalidated.

I hope this covers everything, but let us know if there any more specific questions that come to mind. 

great, thank you! if you find a solution to give users their private key I'm in!

[tampazeus]

Interesting. I'll be watching to see how this turns out. Could be a scam in the making. I hope not.

[Magnr]

What is the ETA on 2fa support? Just seems kinda dumb to me that I can login to my btc.sx account with 2fa but to login to my magnr account with the same password no 2fa is required

edit: also I have to ask what the logic is behind limiting interest to 10btc. Just anyone can create a second account with minimal effort needed.

Unfortunately it is on our list of priorities but we haven't been able to have this ready in time for launch. We hope to have it ready as soon as a few other post-launch priorities have been deployed.

We will be implementing AML/KYC down the road - this will make it harder to run second accounts. For now, the 10 BTC limit is to ensure that we don't get flooded with too many Bitcoin. This is really just a very prudent precaution as we have no data to predict the likely demand for Magnr.

[Magnr]

Yes. As stated for the third time, the interest comes from the trading fees

Well, it's not explicitly stated in the OP that you use trading fees, just that the interest rate differs based on the activity of your exchange, so I kinda get the confusion. It is explicitly stated on your website, but not everything reads that.

Anyway, this seems pretty cool and I might give it a shot.

Hi its Joe here, founder of BTC.sx.

Our intention is to make this as transparent as possible. On-blockchain calculations for deposit and interest calculations are part of the way we are doing this.

By offering this service our goal is to build more reputable financial services for Bitcoin. My hope is that this is just the beginning of a much wider movement.

So what you're saying is that this isn't for profit, right? You're JUST doing this to help progress Bitcoin?

The benefits we gain from Magnr are increased publicity and awareness. We are currently considering various options to monetize Magnr in the future. Our business model ensures that for every one bitcoin deposited, at least one bitcoin can be withdrawn.

[Magnr]

Keeping an eye on this service for journalistic purposes

Awesome! You can email me at josh.blatchford(at)mangr.com if you have further questions.

[monbux]

Interesting, I will deposit some bitcoins and give it a go.  Just wondering, has anyone in the UK actually been to their office location mentioned on the "Contact Us" page?

c/o Capco | 77-79 Great Eastern Street, London, EC2A 3HU, United Kingdom

[Mitchell]

Capco seems to be a company that does a lot with banking and the like, but I can't find any references to Btc.Sx or Magnr on their website. Strange.