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Hey guys, welcome back to Zilliqa Zebra. It has been 3 months since I last reviewed Hodlnaut, a Singapore-based cryptocurrency interest generating account platform which offers a compelling return for stablecoin, bitcoin, ethereum and dai assets. In this video, I will attempt to do an updated review of Hodlnaut
As always, don't forget to like and subscribe to Zilliqa Zebra for all things related to Zilliqa and cryptocurrencies.
Founded in 2019, Hodlnaut is a relative newcomer to the cryptocurrency interest account block, but it offers some of the industry’s more competitive rates. While it is based in Singapore, it is available internationally for anyone to use. You can use it as long as you do not fall into any policy of sanction laws.
Hodlnaut is a certified Fintech by the Singapore Fintech Association, an accreditation recognized by the MAS (Monetary Authority of Singapore). The company aims to become the first regulated entity in Singapore within the crypto lending and borrowing space and is undergoing license application under the Payment Services Act 2019 (by the MAS).
I understand that Hodlnaut did an initial fundraise of $100,000 from Antler, a Singaporean startup accelerator. Since then, Hodlnaut has accumulated about $250M in assets under its management from over 5,000 users and growing.
At present, Hodlnaut supports six cryptocurrencies: BTC, ETH, DAI, USDC, USDT, and WBTC, offering between 6.2% and 10.5% APY. Although the number of assets it supports is much less than other crypto interest accounts, Hodlnaut offers very competitive rates. Let’s take a look at their updated rates.
Since August 2021, users can earn interest with the new rates and tiers.
Previously, Hodlnaut offered an APY of 6.2% for BTC and WBTC, 6.7% for ETH, and 10.5% for USDC, USDT, and DAI. However, the new rates and the introduction of tiers have been updated to reflect the current market conditions.
Depending on the tiers, users can now earn up to 7.5% APY on BTC, WBTC, and ETH, up to 12.7% APY on USDC and USDT, and up to 8.3% APY on DAI. The rates have been adjusted to ensure maximized earning opportunities for users.
You can view the full tiered interest rates here.
The interest will be calculated at the end of every day and deposited to the user's account every Monday, 5 pm
Following the release of this tiered rates, a press statement was released by CEO Juntao.
"We always strive to offer the best experience on our platform for our users. The change in interest rates and the introduction of a tier system is thus necessary in order to maintain the best risk management policies while having our users attain maximized interest rates".
Like most other crypto interest accounts, Hodlnaut uses your assets as collateral to offer loans to corporate creditors, earning off the difference between the interest it pays users and what it charges to offer loans to its institutional borrowers.
The platform also makes money by earning interest from lending its assets to decentralized protocols.
According to Juntao, they only lend to corporate entities with good credit scores and we will verify this with them during the onboarding process, and the Loan-to-Value (LTV) Ratio of their loans is usually 70% or lower.”
First of all, we must understand that, as with all online exchanges and platforms, your funds are never entirely risk-free.
Notwithstanding, I understand that Hodlnaut’s primary custodian is Fireblocks, a leading digital asset custody solution that employs various methods to ensure the safety of assets. Fireblocks holds assets in a mix of offline cold storage and insured hot wallets; all user deposits are never in the same place at once.
You can also choose to purchase insurance on your cryptocurrency via a partnership with European company Nexus Mutual. The Hodlnaut insurance with Nexus currently stands at $22 million and is anticipated to grow as both companies gain traction.
In the very unlikely event that the borrower defaults and fails to return to borrowed asset, Hodlnaut may liquidate the borrower’s collateral and repurchase the borrowed funds. Hodlnaut also have a robust legal contract in place with each of their borrowers, and can take legal action to recover the funds if necessary. In addition, if a default takes place, they will be taking on the loss and paying users from their equity funds.
Nevertheless, there will be a degree of risk involved so it is important to take note of this.
Also, Starting August 11, 2021, the company launched its iOS application, available for download on all Apple devices from the App Store. All you have to do is open the App Store, search for Hodlnaut, download the app and get started.
Once you’re in the application, you can either open a new account or log in to your existing account. Your customized dashboard will greet you with all the digital holdings you can HODL and earn interest on. The app also provides compound interest information on your assets, a way to deposit your crypto and the ability to withdraw funds at any time.
The great thing is, once you download the app, you can also participate in the affiliate program, which includes up to $300 in rewards. And sharing with your friends will benefit you both with commissions for you and a sign-up bonus for them.
If you are planning to sign up with Hodlnaut, get a US$20 sign-up bonus after making a deposit equivalent of US$1,000 in a single transaction on any supported assets within 1 week. Do use my link to sign up so that we both can benefit from this!
I hope you have found this review useful. Don’t forget to subscribe to my channel for your regular dose of Zilliqa and cryptocurrency news. And check out my other videos which might be of interest to you.
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