Luno assures Bitcoin savings accounts safe as lending partner faces massive losses

Cryptocurrency wallet and trading platform Luno has assured that deposits in its interest-bearing savings accounts are safe and that its lending partner is well hedged.that Luno’s sister company and lending partner Genesis Trading faces heavy losses.

Bloomberg reported that the actual losses at Genesis aren’t yet known as the company tries to salvage some of them by seeking partial repayments from counterparties. “We sold collateral, hedged our downside and moved on. Our business continues to operate normally, and we are meeting all of our clients’ needs.”

haydentiff all sounds ok till you read the Ts & Cs of Luno’s savings account

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