Prize-Linked deposit accounts have been around since 1956 when the United Kingdom Government and savings authority introduced the Premium Bond saving scheme. This program is still popular to this day and works by accumulating the funds of all participants and distributing the interest accrued by the pooled funds to a select amount of participants over set durations.
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This comes at no cost to users and funds can be withdrawn at any time and has been the inspiration of the Klink team who seek to bring the model to crypto assets.