Hodlnaut Adds Support for Wrapped Bitcoin (WBTC)
Hodlnaut adds WBTC to its list of supported assets
SINGAPORE, July 6, 2021 /PRNewswire/ -- Hodlnaut is proud to announce the support for WBTC on its leading yield-generating platform. Hodlnaut now enables its users to earn interest rates of 6.0% APR/ 6.2% APY on WBTC. Interest earned on WBTC is accrued daily, and compounded weekly when paid out.
Launched in 2018 as a joint initiative by BitGo, Kyber Network, and Ren (formerly Republic Protocol), WBTC is the first ERC-20 token that is backed 1:1 by Bitcoin. This is fully verifiable through on-chain validation. WBTC's value comes from its inherent ability to bring Bitcoin's liquidity to decentralised exchanges.
By adding support for WBTC, Hodlnaut looks to provide its interest earning product to WBTC's $6.7B market capitalization. Hodlnaut has also added WBTC as an asset pair in its Token Swap feature. Hodlnaut users have instant access to WBTC without the need to source for a wrapping merchant for their BTC. Users can simply utilise Hodlnaut to swap its tokens for WBTC at a clean price with no additional fees.
"We are excited to announce the support of a new asset on our platform. We saw the need to expand the number of assets supported on our platform so that our users can HODL with us through this tough time," said Juntao, CEO and co-founder of Hodlnaut.
"Having heard the increased demand for WBTC by our users, our team has worked hard on pushing this forward in this very short span of time," shared Simon, CTO and co-founder of Hodlnaut. "We've got many more new features that will be launching this month and next, it's going to be an exciting time for us and we hope our users are just as excited as we are."
About Hodlnaut
Hodlnaut is a platform that provides innovative financial services for individual investors who can earn interest on their cryptocurrencies by lending them to vetted institutions. Founded by Bitcoin maximalists Junato Zhu and Simon Lee in April 2019, Hodlnaut has grown tremendously over the years. The platform offers up to 10.5% APY through its Hodlnaut Interest Account, supporting six crypto assets: BTC, ETH, DAI, USDC, USDT, and WBTC.
Holdnaut 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).
For more information please visit www.hodlnaut.com.
SOURCE Hodlnaut
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