Heaptalk, Singpore — The cryptocurrency industry is expanding at a breakneck pace today. The combined market capitalization of all cryptocurrencies has now surpassed $2.2 trillion and is estimated that there are approximately 100 million crypto users worldwide. This trend has expedited year after year since many people begin to recognize the value of purchasing crypto products, which regularly increases over time.
Understanding cryptocurrency, things to know that there are eventually appealing to diverse groups of investors, with investing in cryptocurrency providing a chance to generate significant profits as it is supported by the technology future — the blockchain as the backbone. It provides the stable, censorship-resistance store of value that unlike fiat money, most cryptocurrencies have a finite supply that is limited by mathematical algorithms. It also prevents any political body or government agency from diluting their value through inflation.
Over time, a number of cryptocurrency platforms have emerged, with the competition outline focusing more on acquiring users. Some favor their uniqueness and benefits in order to increase the number of users.
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With its newly tiered interest structure, Hodlnaut, a Singapore-based crypto platform for financial services to individual investors, offers one of the highest interest rates for BTC (up to 7.5 percent APY).
Compared to other cryptocurrency interest-earning platforms like Celsius Network, Nexo and Blockfi, Hodlnaut offer a higher rate for BTC. Moreover, its interest rates for stablecoins have also gone up to 12.73%, which is quite competitive in the crypto lending space.
Juntao Zhu, the CEO and Co-Founder Hodlnaut shared, their platform also have features to valued more its customer such as Token Swap and Preferred Payout Interest, which provide users an additional layer of flexibility while using the platform. With such features, users can easily swap or choose the currency they wish to earn on without having to leave the platform, including also the mobile platform.
This token swap becomes the flagship feature where it makes the experience easier for users to swap between tokens as it eliminates the double fees associated with swapping tokens in two steps. The swap function allows users to execute trades instantly between any of the six assets offered on the Hodlnaut platform.
The early story
Hodlnaut began in 2018 when, Zhu, met Simon Lee (CTO & Co-founder of Hodlnaut) through a common acquaintance who used to mine Bitcoin. Simon was on a sabbatical at the time and was searching for something to do. However, the Zhu remains very enthusiastic about Bitcoin and was able to persuade Simon with the Vision of Hodlnaut.
“After several meetings and conversations, we felt it was right to work together and build the Hodlnaut platform to help fellow Bitcoin holders get the most out of their assets. On top of that, we admired each other’s work ethic, ambition and drive, which helped greatly in kick-starting Hodlnaut to the right track,” said Zhu.
The DeFi and Smart Contracts concepts used in developing this platform are likely to have a significant impact on how financial institutions, including banks, operate in the future. And, Hodlnout, also brought this as one of the concept to disrupt the market, where it has produced working applications that have attracted billions of capital. However, many more development cycles are required. Defi and smart contracts, on the other hand, have the potential to be more secure and user-friendly.
Challenge to meet the market
One of the biggest challenges Hodlnaut faces said Zhu is when is earning the trust of users amidst the volatile market.
“Even though we have less resources than larger competitors, we are often compared to them because of their much greater resources.”
Hodlnaut believes in being transparent and focusing on providing a good user experience and customer service, it will quickly become one of the most popular interest-earning cryptocurrency platforms. Furthermore, it gives customers the impression that the brand is trustworthy – then there’s potential of growth in the business model.
The other catalyst stated that through this cryptocurrency model, it enables a payment system with lower costs for financial transactions, a faster processing rate, and are transparent due to the blockchain’s decentralized public record. This is believed to represent the future of technology and money since it is not just quicker and more transparent, but there is no central authority regulating the system.
“Furthermore, because the system is supported by the use of several cryptographic algorithms, it promotes anonymity. These approaches guarantee optimum security and data protection to prevent information leakage,” said Zhu.
Currently, Hodlnaut is available only for iPhone users. The current release supports sign-up, identity verification, deposits, and withdrawal, among other features. Moreover, users can check their interest statements, export said statements, and manage account settings.
“We provide crypto investment via iOS App, which allows users to deposit and withdraw cryptocurrencies and manage their crypto holdings from the convenience of their iPhones, and users can easily exchange or choose the currency they wish to earn on without having to leave the platform,” Zhu explained.
While for non-iPhone users, Juntao is targeted to launching an Android app in the coming months.