Hi there, Seal, founder of
Magnr.com.
I set up Magnr with the goal of putting my spare bitcoins to use to earn a passive income.
Like many of you posting here, I knew that the best way to earn a steady income is by lending my bitcoins out while doing what I could to carefully control the risks involved. (despite what other posters may say while promoting their services, all forms of investment carry risk - Magnr included)
In the early days of my involvement, I bought an initial $100 of btc @ $2 a piece. I traded this up using technical analysis and arbitrage into $200k which I invested into building out Magnr's trading platform. My goal for the trading platform? Allow my remaining bitcoins to be lent out to other traders on margin so that I could charge a daily interest rate to them. Just like that, I created a mechanism for me to generate interest returns in a very passive way. (in reality it is far from passive because I need to manage the trading platform now... thats another story though)
After the trading platform was launched [initially as BTC.sx -
Coindesk article on us], it grew fast and eventually the demand for leveraged trading exceeded my ability to lend.
Magnr Savings was born (
Bitcoin Magazine article on us). To continue serving our leveraged traders, we decided to set up Magnr Savings. This allows those who are comfortable with the risks involved to deposit their Bitcoins and let our traders use their bitcoins for short term leveraged positions.
Magnr Savings pays out a 2.35% annual interest rate on a maximum of 100 btc. We manage the risks internally and our clients have never lost a satoshi. Our goal is to keep it that way as all of our staff also use the service
.
Here is our post in the Service Announcement sub-forum:
https://bitcointalksearch.org/topic/magnrcom-a-bitcoin-savings-trading-and-investment-company-1299830To be transparent (I appreciate that BitcoinTalk loves transparency), the risks involved in using Magnr Savings are counterparty risk to Magnr as a company. We are incorporated in the UK and are in contact with the FCA to help provide more reassurance to clients that we are acting in a moral and just way.
this is sure interesting i will read about it and will follow tread about it and will post anything interesting about it on Magnr Tread