Coincheck, a Japan-based bitcoin exchange, announced the launch of country's first interest-paying fixed deposit accounts for the digital currency, through which Japanese bitcoin holders will be able to gain virtual interest, Nikkei reported.

With the launch, Coincheck will offer four plans that will allow users to deposit their currency for the period of 14 days at a 1% annual interest rate, 30 days for 2%, 90 days for 3%, or a full year for 5%, the report stated.

Yusuke Otsuka, co-founder and COO of Coincheck said in his tweet that the service will see bitcoin increase in the maximum annual interest rate of 5% (loosely translated). Which indicated that if an annual account holder is depositing 10 bitcoins for 90 days, would earn approximately 0.07 bitcoin.

According to the Financial Services Agency, Coincheck’s deposit service exempts from banking regulations and recent revisions to fund settlement law, since bitcoin is not a legal tender.

The bitcoin exchange also saw a systematic error on May 9th, 2017 where inappropriate price were displayed. The company blog stated that it has resumed the withdrawal of cryptocurrency from May 10.