In cryptocurrency’s continuing quest to reinvent everything in the financial universe but do it worse, we now have the crypto “deposit account” which bears 6.2% APY.https://blockfi.com/earn-bitcoin-interest/ …
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And because crypto what savings account would be complete without it actually being an exotic currency derivative.
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“Earn interest on crypto, in crypto.” Fine print: well actually earn interest in the dollar-denominated amount of a loan whose payins and payouts happen to be on crypto fails at then-prevailing prices (as determined by us).
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Darn autocorrect: “crypto rails.” (“Rails” in this context is a bit of financial industry jargon/shibboleth referring to a system which moves money, inclusive of technical, legal, and relationship parts of that system.)
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