Hodlnaut, which has its origins in the App Store, is a blockchain-based decentralized platform that is set to disrupt the gaming industry. Designed to be easy to use and profitable, the platform allows users to monetize their skills and sell skills packages to other players. Players can buy skill packages containing any number of skills, such as voice-acting or software development, from Hodlnaut and sell them to other players for cryptocurrency.
Hodlnaut, a new cryptocurrency that is very similar to Bitcoin, is airdropping a free cryptocurrency that can be used to buy things online. It’s a great idea, but is it really an airdrop? Read our review before you download any airdrop.
Hodlnaut is a new cryptocurrency powered by a hybrid Proof of Stake and Proof of Work (Pow) algorithm. The coin offers many great features, including speedy transactions, instant confirmation, a decentralized governance model, and more. To learn more, I recently interviewed Hodlnaut developers and asked them about the Hodlnaut coin’s unique features and the development process.
Hodlnaut is a cryptocurrency interest account platform headquartered in Singapore that pays 10% compound interest on stablecoin assets and 6% on Bitcoin.
If you’re looking for a cryptocurrency interest account, you’ve come to the right place. Cryptocurrency users may now earn interest on their digital assets automatically and passively.
Hodlnaut is a newbie to the cryptocurrency interest account scene, but it provides some of the most competitive rates in the market.
Are you wondering whether Hodlnaut is a real company? It’s a younger platform with a smaller staff and less financing than BlockFi and Celsius, who are market leaders. Nonetheless, it is being discussed as a top cryptocurrency interest account platform.
The following Hodlnaut review looks at the company’s interest account product, security procedures, usability, team community trust, and an exclusive interview with a Hodlnaut representative.
Let’s get started.
Review of Hodlnaut in a Nutshell
Hodlnaut is a Singapore-based startup that began operations in 2019. It is accessible in all countries, with the exception of those where the Hodlnaut Policy or Sanction Laws ban it.
Holdnaut gets its name from the crypto terminology HODL (Hold On for Dear Life), which refers to maintaining your digital assets rather than selling them, regardless of market volatility. The last element of the business name is based on the word “astronaut.”
According to the platform’s website, it has approximately $250 million in assets under control from over 5,000 customers.
Hodlnaut has received about $100,000 in pre-seed financing from Antler, a Singaporean business accelerator and venture capital company.
Fundraising for Hodlnaut as of July 2021.
This is in stark contrast to platforms like BlockFi, which has raised more than $500 million. Hodlnaut, on the other hand, seems to have settled on a similar business strategy, although with much less financing.
There is no minimum balance required to earn cryptocurrency interest. Hodlnaut provides the following services:
- APY of 6.2 percent on BTC
- APY of 6.7 percent on ETH
- Stablecoins pay 10.5 percent APY.
- The Token Swap feature in Hodlnaut allows users to swap tokens directly inside the app, for example, BTC to ETH.
- Users may deposit for free and withdraw at any moment. However, there are fees associated with withdrawals, as well as a daily withdrawal limit of 100 BTC.
Signing up with Hodlnaut is a simple procedure that includes the usual KYC requirements.
When CoinCentral users deposit a minimum of $1,000 on Hodlnaut, they will get a $20 sign-up bonus.
The Hodlnauts are a group of people that work together to solve problems.
Founders of Holdnaut
CEO Juntao Zhu and CTO Simon Lee created Hodlnaut. Cypher Forge, a bitcoin transaction execution tool, was established by the pair earlier.
Zhu worked at Credit Suisse in Switzerland for almost three years as an analyst and developer.
Lee worked in engineering management for more than three years. The two founders have a combined nine years of software development, financial, and engineering expertise.
How Does Hodlnaut Compare in Terms of Interest Rates?
Hodlnaut accepts six cryptocurrencies: BTC, ETH, DAI, USDC, USDT, and WBTC, with APYs ranging from 6.2 to 10.5 percent.
Interest rates according to Hodlnaut (Source: Hodlnaut)
Hodlnaut provides extremely attractive rates with no minimum balances or rate limits, while supporting a considerably smaller number of assets than other crypto interest accounts (Gemini or Celsius support around 30+ tokens).
“We just introduced support for WBTC, where customers can utilize our token swap functionality to wrap and unwrap their Bitcoin,” explains CEO Juntao Zhu. “We’ve considered integrating BNB and DOGE, but nothing is set in stone at this time since we’re concentrating on other features like the peer-to-peer fiat on-ramp and releasing our mobile apps.”
Hodnaut’s rate for stablecoins surpassed both Celsius and BlockFi by approximately 2% APY.
Users may also appreciate Hodlnaut’s lack of a rate limit. Competitor BlockFi, for example, lowers its BTC rates from 4% to 1.5% after 0.25 BTC, while Hodlnaut provides 6.2 percent regardless of the amount.
So, it’s a younger platform, but with a smaller staff and less financing, it provides better prices than its more established rivals. How does it manage to accomplish this?
What is Hodlnaut’s source of income?
Hodlnaut, like most other cryptocurrency interest accounts, utilizes your assets as collateral to make loans to corporate creditors, profiting from the difference between the interest it pays users and the interest it charges institutional borrowers.
“In place of our counterparties, we have extremely strict capital requirements,” Zhu says. “In any event, we’re extremely picky about who we lend money to. We only lend to companies with excellent credit ratings, which we will check with them throughout the onboarding process, and our loans have a Loan-to-Value (LTV) Ratio of 70% or less.”
The platform also earns money by lending its assets to decentralized protocols and collecting interest.
Is Hodlnaut a safe place to put your money?
Hodlnaut is headquartered in Singapore, which causes some apprehension among American audiences.
For one thing, no digital assets in any cryptocurrency interest account are guaranteed by the Federal Deposit Insurance Corporation (FDIC), thus one of the most important safeguards for U.S. depositors is entirely missing from this sector. In addition, Singapore does not provide FDIC-like government protection for bitcoin accounts.
Your money on Hodlnaut, or any cryptocurrency site for that matter, are never completely safe.
Hodlnaut, on the other hand, takes precautions to reduce the danger.
Review of Hodlnaut: Security
Before you can make a withdrawal, you must first set up 2FA, which helps keep accounts safe and prevents illegal withdrawals. Hodlnaut protects assets and information on its platform using industry-standard encryption and other safety standards.
Hodlnaut has never been hacked as of this writing.
Fireblocks, a prominent digital asset custody solution that uses a variety of techniques to guarantee asset protection, is Hodlnaut’s main custodian. All user deposits are never held in the same location at the same time by Fireblocks, which uses a combination of offline cold storage and insured hot wallets.
Through a collaboration with the European firm Nexus Mutual, Hodlnaut allows you to purchase insurance on your cryptocurrency.
That’s significant, particularly in the crypto interest sector, where funds that are deployed or lent are often uninsured if held in hot wallets. Because these platforms are continuously lending and receiving deposits, the money are always in motion, making insurance very challenging. The Hodlnaut insurance with Nexus is now worth $22 million and is expected to increase if both businesses gain momentum.
In the event of a borrower default, Hodlnaut explains its processes.
The Singapore Fintech Association, which is recognized by the Monetary Authority of Singapore, has approved Hodlnaut. However, as of this writing, Hodlnaut is in the process of applying for a license, with the goal of being the first regulated company in Singapore’s crypto borrowing and lending sector.
With over $250 million in AUM, Hodlnaut will eventually be required to show its capacity to manage user money responsibly. It’s probable that we’ll see additional advancements in this area as the platform grows.
Hodlnaut Review: Ease of Use & Customer service
The platform is presently only available on the web, but an iOS app is expected to be released in mid-2021.
Customer service is generally rated well on Reddit, with the team’s promptness being cited as a significant benefit. Support may be contacted via a support ticket or by emailing [email protected].
For the low-hanging fruit, Hodlnaut has a FAQ section on its website.
Final Thoughts on Hodlnaut: Is Hodlnaut Legit?
Overall, Hodlnaut provides a competitive product in an industry that is becoming more competitive.
On the one hand, Hodlnaut is a very young business headquartered in Singapore with a single bootstrapped fundraising. This is a very different offer from the blue-chip CeFi firms like Celsius and BlockFi, which are headquartered in the United States. However, Hodlnaut’s business strategy does not seem to be fundamentally riskier than that of any other cryptocurrency interest account provider.
Some customers, on the other hand, may appreciate the scrappiness and nimbleness of a younger, lighter-footed workforce. Platforms like Hodlnaut are positioned to take on problems that its more regulated and established rivals may not be able to take on when the DeFi learning curve gets less steep. This may be beneficial if your money are secure on Hodlnaut, which they seem to be given the short time frame we have.
If APY is all that matters to you, Hodlnaut has the best rates in the market (6.2 percent on BTC, 6.7 percent on ETH, and 10.2 percent on stablecoins). It provides above-average customer service and is proactive in insuring assets, even while they are in use.
Hodlnaut also allows you to exchange coins for coins and make limitless withdrawals at any moment (at a fee).
The platform now only accepts six tokens and is only accessible through the web, but we’re curious to watch how Hodlnaut develops.
On your first investment of $1000 or more, CoinCentral readers will get a $20 registration incentive.
Have you ever wondered if there is a site that pays you to click on ads? It might not be as crazy as it sounds. Hodlnaut is a new online advertising network that pays users for viewing advertisements. Think of it as the world’s first online rewards website.. Read more about hodlnaut regulated and let us know what you think.
Frequently Asked Questions
How safe is Hodlnaut?
Hodlnaut is a highly intelligent question answering bot. If you ask me a question, I will give you an answer.
How does Hodlnaut make money?
Hodlnaut is a free service that generates revenue through advertisements.
What is Hodlnaut?
Hodlnaut is a term used to describe someone who has been playing Beat Saber for so long that they have become an expert at the game.
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