Hodlnaut, a Singapore based crypto interest-earning platform, has launched the Fixed Term Deposit product, a new way to earn interest on crypto for retail investors.
The Fixed Term Deposit, unlike Hodlnaut’s present open term deposit, will allow retail customers to earn the best interest rates available. This product was launched to assist users in earning high-interest rates and growing their cryptocurrency holdings while using Hodlnaut.
“With the current volatility in the crypto market, Fixed-term Deposits offer lucrative interest rates as well as fund safety and liquidity. Hodlnaut’s Fixed Term Deposit function was created with the same goal in mind: to provide our loyal users with guaranteed returns,” said Juntao Zhu, Co-founder and CEO of Hodlnaut.
Users can lock up their cryptocurrencies for 30, 90, or 180 days to take advantage of Hodlnaut’s new Fixed Term Deposit function, which offers significant interest rates. Users can benefit from this if they keep their Fixed Deposits with Hodlnaut for a longer period of time. BTC, WBTC, ETH, USDC, USDT, and DAI are the six cryptocurrencies currently supported by the platform.
Note: However, fixed-term deposits do not automatically compound because the interest is paid only when the deposit matures. The interest earned on Fixed Terms is simple interest (APR), which is calculated on the term deposit’s principal. Therefore, unlike the Open Term, the Fixed Term is not compounded regularly. Users who choose a Fixed-term deposit will have their total payout unlocked at 5.30 p.m. (GMT+8) on the maturity date, and they will begin earning interest based on the tiered interest rates.
What is Hodlnaut?
Hodlnaut is a Singapore-based bitcoin lending and borrowing company that offers unique financial services to individuals. Since its beginning in April of 2019, the platform has grown dramatically. Hodlnaut is a certified Fintech by the Singapore Fintech Association, which is a recognised accreditation by the MAS. It was founded by Juntao Zhu and Simon Lee.
The company is applying for a licence under the Payment Services Act 2019 to become Singapore’s first regulated entity in the crypto lending and borrowing industry (by the MAS).
To learn more about the platform, read the Hodlnaut review.
