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Hodlnaut Review: Is Hodlnaut Legit and Worth Your Time?

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 Hodlnaut is a Singapore-based cryptocurrency interest account platform that offers compound interest of 10% for stablecoin assets and 6% for Bitcoin. 

If you are just entering your crypto interest account search, welcome to a world where cryptocurrency holders can automatically and passively accrue interest on their digital assets. 

Hodlnaut is a relative newcomer to the cryptocurrency interest account block, but it offers some of the industry’s more competitive rates. 

So, you may be wondering, is Hodlnaut legit? It’s a newer platform with a smaller team with less funding than industry pioneers BlockFi and Celsius. Yet, it’s in the conversation as a top cryptocurrency interest account platform

The following Hodlnaut review examines its interest account product, security practices, usability, team community trust, as well as an exclusive interview with a representative from the Hodlnaut team.

Let’s dig in.

Hodlnaut Review: Quick Summary

Hodlnaut is a Singapore-based company founded in 2019. It is available worldwide, excluding locations prohibited by Hodlnaut Policy or Sanction Laws.

Holdnaut derives its name from the crypto slang HODL (Hold On for Dear Life), which is an enthusiastic expression that refers to keeping your digital assets rather than selling them, regardless of the volatility of the market. The latter part of the company name is in the motif of “astronaut.” 

The platform has accumulated about $250M in assets under its management from over 5,000 users, according to its site. 

Hodlnaut has raised about $100,000 in funding from one pre-seed funding round with Antler, a Singaporean startup accelerator and venture capitalist firm.

Hodlnaut's company information as of 30/7/2021, courtesy of Coinbase

Hodlnaut’s fundraising as of July, 2021.

This is distinctly different from platforms like BlockFi, which has raised north of $500M. That being said, Hodlnaut seems to have narrowed down on a similar business model, just with drastically less funding necessary. 

There is no minimum balance to qualify for crypto interest. Hodlnaut offers: 

  • 6.2% APY on BTC
  • 6.7% APY on ETH
  • 10.5% APY on stablecoins.
  1. Hodlnaut’s Token Swap lets users exchange tokens directly in the app e.g, BTC to ETH
  2. Deposits are free and users can withdraw anytime. However, there are withdrawal fees and a daily withdrawal limit of 100 BTC.

Signing up for Hodlnaut is a fairly straightforward process, with the typical KYC requirements. 

CoinCentral readers can get a $20 sign-up bonus when they deposit a minimum of $1,000 on Hodlnaut. 

The Hodlnaut Team

Hodlnaut's Founders (Source: Hodlnaut)

Holdnaut Founders

Hodlnaut was founded by CEO Juntao Zhu and CTO Simon Lee. The duo previously founded Cypher Forge, a cryptocurrency trade execution platform. 

Zhu spent over three years as an analyst and developer with the Swiss wealth management firm Credit Suisse.

Lee spent over three years in engineering management roles. The two founders hold a combined nine years of experience in software development, finance, and engineering. 

Hodlnaut Review and Interest Rates: How Does Hodlnaut Compare?

Hodlnaut supports six cryptocurrencies: BTC, ETH, DAI, USDC, USDT, and WBTC, offering between 6.2% and 10.5% APY.

Hodlnaut's interest rates as of 30/7/2021. (Source: Hodlnaut)

Hodlnaut’s Interest rates (Source: Hodlnaut)

Although the number of assets it supports is much less than other crypto interest accounts (Gemini or Celsius support over 30+ tokens, Hodlnaut still offers very competitive rates with no minimum balances or rate caps. 

“We just added support for WBTC recently, where users can also wrap and unwrap their Bitcoin using our token swap feature,” says CEO Juntao Zhu. “We’ve played with the idea of adding BNB and also DOGE as well but nothing is planned yet as we’re focusing on other feature launches such as peer-to-peer fiat on-ramp, and getting our mobile apps out.”

Hodnaut’s rate beat both Celsius and BlockFi for stablecoins by about 2% APY. 

Users may also enjoy the fact that Hodlnaut doesn’t cap rates. For example, competitor BlockFi reduces its rates on BTC from 4% to 1.5% after 0.25 BTC, whereas Hodlnaut offers 6.2% regardless of the amount.

So, it’s a newer platform, but it offers better rates than its more established competitors– with a smaller team and less funding. How does it pull this off? 

How Does Hodlnaut Make Money?

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. 

“We have incredibly stringent capital requirements in place of our counterparties,” comments Zhu. “In any case, we’re very selective with whom we lend to. We 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 our loans is usually 70% or lower.”

The platform also makes money by earning interest from lending its assets to decentralized protocols.

Are Your Funds Safe With Hodlnaut?

Hodlnaut is based in Singapore, a fact that tends to introduce some unfamiliarity to a U.S. audience. 

For one, no digital assets in any cryptocurrency interest account are FDIC insured, so one of the main protections for U.S. depositors is completely absent from this industry at large. Singapore also does not offer FDIC-equivalent federal protection for cryptocurrency accounts. 

Your funds on Hodlnaut, or any cryptocurrency platform, are never entirely risk-free. 

However, Hodlnaut takes some steps to mitigate this risk.

Hodlnaut Review: Security 

The platform requires that you set up 2FA before you can make a withdrawal, which helps keep accounts secure and prevent unauthorized withdrawals. Hodlnaut uses industry-standard encryption and other safety regulations to ensure that assets and information on its platform are protected. 

As of this writing, Hodlnaut has never been hacked.

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. 

Hodlnaut gives you the option of purchasing insurance on your crypto via a partnership with European company Nexus Mutual

That’s big, especially in the crypto interest space were deployed or loaned assets are often uninsured if they’re kept in hot wallets. Since these platforms are constantly lending and receiving deposits, the funds are in motion, which makes them very difficult to insure. The Hodlnaut insurance with Nexus currently stands at $22 million and is anticipated to grow as both companies gain traction. 

Hodlnaut outlines its procedures in the case of a borrower default.

Procedures in case of a default

Hodlnaut is certified by the Singapore Fintech Association, which is recognized by the Monetary Authority of Singapore. However, at the time of this writing Hodlnaut is undergoing a license application, and aims to become the first regulated entity in Singapore’s crypto borrowing and lending space. 

With over $250M in AUM, Hodlnaut will inevitably need to demonstrate explicit certification in its ability to be responsible with user funds. As the platform continues to grow, it’s likely we will see more developments in this area. 

Hodlnaut Review: Ease of Use & Customer service

The platform is currently accessible only on web and intends to release an IOS application in mid-2021. 

Reddit reviews of Hodlnaut tend to skew positive for customer support, citing the promptness of the team as a distinct advantage. Hodlnaut support can be reached via a support ticket or at [email protected] 

Hodlnaut maintains an FAQ section on its website for the lower-hanging fruit.  

Hodlnaut Review Final Thoughts: Is Hodlnaut Legit?

Overall, Hodlnaut offers a pretty competitive product in an increasingly competitive industry. 

On one hand, Hodlnaut is a fairly new company with a single bootstrapped fundraise based in Singapore. This is a drastically different proposition than U.S.-based companies like Celsius and BlockFi, which have established themselves as the blue-chip of CeFi. That being said, Hodlnaut’s business model doesn’t seem inherently riskier than any other crypto interest account provider. 

However, some users may find value in the scrappiness and nimbleness of a newer more light-footed team. As the learning curve for DeFi becomes gradually less steep, platforms like Hodlnaut are positioned to take on challenges that their more regulated and established competitors may not be able to. This can be advantageous provided your funds are safe on Hodlnaut, which the limited time span we have available indicates they are. 

If your research simply comes down to APY, Hodlnaut offers industry-leading rates (6.2% on BTC, 6.7% on ETH, and 10.2% on stablecoins). It offers above-average customer support and has been proactive towards insuring assets, even when they’re deployed. 

Hodlnaut also supports coin-to-coin trades and unlimited withdrawals at any time (at a fee).

At this writing, the platform only supports six tokens and is only available via the web, but we’re interested to see how Hodlnaut evolves.

CoinCentral readers can get $20 dollar equivalent as a signup bonus on your first deposit of $1000 or more. 

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Source: https://coincentral.com/hodlnaut-review-is-hodlnaut-legit-and-worth-your-time/

Blockchain

MANA Technical Analysis: Expect the Price to Fall Below the First Fibonacci Pivot Support Level of $0.655 Soon

MANA Technical Analysis: Expect the Price to Fall Below the First Fibonacci Pivot Support Level of $0.655 Soon

Rate this post MANA is a token that powers a virtual reality platform called Decentraland. MANA is an in-game token that can be used to buy plots of land and goods and services within the virtual reality space. Let us look at the technical analysis of MANA. Past Performance of Decentraland On September 18, 2021, MANA started trading at $0.815. As of September 24, 2021, the closing price of MANA was $0.702. Thus, in the past week, the MANA price has ranked by roughly 13.54%. In the last 24 hours, MANA has traded between $0.64-$0.75. https://www.tradingview.com/x/X0L58OoJ/ MANA Technical Analysis Currently, the price is trading below the support line of the parallel channel. It broke down from the rising trend. The price is currently trying to break out of the resistance zone and enter the parallel channel again. However, yesterday’s BTC shakedown changed the course of the price. Let us see what the price action is suggesting about the price movement: Currently, MANA is trading at $0.705. The price is near its renaissance and zone. It is trying to enter into the parallel channel, we have to wait and watch the price action. If the buying pressure increases, we can assume the price to breakout and enter the parallel channel. The MACD and signal lines are in the negative zone. However, a bearish crossover by the MACD line over the Signal line has occurred. Thus, the overall Decentraland market momentum is bearish, and we can expect a price to fall. However, both the lines are close to the zero line and may change signs soon. Thus, a trend reversal is on the horizon. The OBV indicator is gradually increasing. Thus, buying volumes are higher than selling volumes. Hence, we can predict that the investors are not losing their interest in the token. The RSI indicator is at 42.46%. It has just resisted from the 44.90% mark. Thus, selling pressures are slowly mounting. Hence, we can expect the price to start falling again in a few hours. Also, the RSI can form a base around this level and start to rise after taking support from this zone. Day-Ahead and Tomorrow The MANA price has fallen below the Fibonacci pivot point of $0.777. As some of the oscillators have shown bearish signals, we can expect the price to fall below the first Fibonacci pivot support level of $0.655 soon. Traders can take a short position by keeping a stop loss at $0.805. The price has tested and fallen below the FIB retracement level of $0.80. If the price falls below the 23.6% FIB extension level in some time, this implies that the price downtrend is strong. In that case, the price downswing is likely to continue tomorrow as well. However, if the price breaks out of the immediate resistance of $0.777. It will highlight the next resistance level, which is at $896. Traders can go long by keeping a stop loss at $0.655.

The post MANA Technical Analysis: Expect the Price to Fall Below the First Fibonacci Pivot Support Level of $0.655 Soon appeared first on Cryptoknowmics-Crypto News and Media Platform.

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MANA is a token that powers a virtual reality platform called Decentraland. MANA is an in-game token that can be used to buy plots of land and goods and services within the virtual reality space. Let us look at the technical analysis of MANA.

Past Performance of Decentraland

On September 18, 2021, MANA started trading at $0.815. As of September 24, 2021, the closing price of MANA was $0.702. Thus, in the past week, the MANA price has ranked by roughly 13.54%. In the last 24 hours, MANA has traded between $0.64-$0.75.

TradingView Chart

MANA Technical Analysis

Currently, the price is trading below the support line of the parallel channel. It broke down from the rising trend. The price is currently trying to break out of the resistance zone and enter the parallel channel again. However, yesterday’s BTC shakedown changed the course of the price. Let us see what the price action is suggesting about the price movement:

Currently, MANA is trading at $0.705. The price is near its renaissance and zone. It is trying to enter into the parallel channel, we have to wait and watch the price action. If the buying pressure increases, we can assume the price to breakout and enter the parallel channel.

The MACD and signal lines are in the negative zone. However, a bearish crossover by the MACD line over the Signal line has occurred. Thus, the overall Decentraland market momentum is bearish, and we can expect a price to fall. However, both the lines are close to the zero line and may change signs soon. Thus, a trend reversal is on the horizon.

The OBV indicator is gradually increasing. Thus, buying volumes are higher than selling volumes. Hence, we can predict that the investors are not losing their interest in the token.

The RSI indicator is at 42.46%. It has just resisted from the 44.90% mark. Thus, selling pressures are slowly mounting. Hence, we can expect the price to start falling again in a few hours. Also, the RSI can form a base around this level and start to rise after taking support from this zone.

Day-Ahead and Tomorrow

The MANA price has fallen below the Fibonacci pivot point of $0.777. As some of the oscillators have shown bearish signals, we can expect the price to fall below the first Fibonacci pivot support level of $0.655 soon. Traders can take a short position by keeping a stop loss at $0.805.

The price has tested and fallen below the FIB retracement level of $0.80. If the price falls below the 23.6% FIB extension level in some time, this implies that the price downtrend is strong. In that case, the price downswing is likely to continue tomorrow as well.

However, if the price breaks out of the immediate resistance of $0.777. It will highlight the next resistance level, which is at $896. Traders can go long by keeping a stop loss at $0.655.

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Source: https://www.cryptoknowmics.com/news/mana-technical-analysis-expect-the-price-to-fall-below-the-first-fibonacci-pivot-support-level-of-0-655-soon/

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Pat Toomey Calls China’s Crypto Ban “a Big Opportunity for the U.S.”

Pat Toomey crypto crackdown

Rate this post With PBoC recently declaring that all crypto transactions in China will be deemed illegal, Republican Senator Pat Toomey sees this as the perfect opportunity for the United States to set its dominance in the tech industry. China’s Crackdown is an Opportunity for the U.S. Says Pat Toomey According to tweets by U.S. Senator Pat Toomey, China’s ongoing crackdown on cryptocurrencies is a big opportunity for the United States. “China’s authoritarian crackdown on crypto, including #Bitcoin, is a big opportunity for the U.S. It’s also a reminder of our huge structural advantage over China.” Toomey’s comments follow the most recently released statement from the People’s Bank of China (PBoC) that declared the ban of all crypto-related transactions including services provided by foreign exchanges. The announcement triggered a market-wide pullback, sending the price of the leading cryptocurrency Bitcoin (BTC) down to slightly above $40,000. Toomey claimed that “Beijing is so hostile to economic freedom they cannot even tolerate their people participating in what is arguably the most exciting innovation in finance in decades”. He argued that “economic liberty leads to faster growth, and ultimately, a higher standard of living for all.” American Crypto Regulation Appears Still Unclear In the meantime, crypto Twitter responded to the senator’s tweet saying that their own U.S. Securities and Exchange was itself “hostile to economic freedom” Recently our own SEC has been pretty hostile to economic freedom. — McChadald’s CEO (@mcchadald) September 24, 2021 For instance, Coinbase eventually opted against launching its Lend product after the U.S. SEC declared its intention to sue the exchange if it went forward with its plan. In a blog post, Coinbase said that the company has been actively engaged in dialogue with the SEC for six months prior to receiving the threat of being sued. Per the post, after engaging extensively with the SEC about the product, Coinbase was told that the regulatory agency “consider Lend to involve a security, but wouldn’t say why or how they’d reached that conclusion.” Earlier this week, Coinbase said it would continue to “seek regulatory clarity for the crypto industry as a whole” and that they have made the “difficult decision” to not launch the Lend program and discontinue the Lend waitlist.

The post Pat Toomey Calls China’s Crypto Ban “a Big Opportunity for the U.S.” appeared first on Cryptoknowmics-Crypto News and Media Platform.

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With PBoC recently declaring that all crypto transactions in China will be deemed illegal, Republican Senator Pat Toomey sees this as the perfect opportunity for the United States to set its dominance in the tech industry.

China’s Crackdown is an Opportunity for the U.S. Says Pat Toomey

“China’s authoritarian crackdown on crypto, including #Bitcoin, is a big opportunity for the U.S. It’s also a reminder of our huge structural advantage over China.”

Toomey’s comments follow the most recently released statement from the People’s Bank of China (PBoC) that declared the ban of all crypto-related transactions including services provided by foreign exchanges.

The announcement triggered a market-wide pullback, sending the price of the leading cryptocurrency Bitcoin (BTC) down to slightly above $40,000.

Toomey claimed that “Beijing is so hostile to economic freedom they cannot even tolerate their people participating in what is arguably the most exciting innovation in finance in decades”. He argued that “economic liberty leads to faster growth, and ultimately, a higher standard of living for all.”

American Crypto Regulation Appears Still Unclear

In the meantime, crypto Twitter responded to the senator’s tweet saying that their own U.S. Securities and Exchange was itself “hostile to economic freedom”

For instance, Coinbase eventually opted against launching its Lend product after the U.S. SEC declared its intention to sue the exchange if it went forward with its plan.

In a blog post, Coinbase said that the company has been actively engaged in dialogue with the SEC for six months prior to receiving the threat of being sued. Per the post, after engaging extensively with the SEC about the product, Coinbase was told that the regulatory agency “consider Lend to involve a security, but wouldn’t say why or how they’d reached that conclusion.”

Earlier this week, Coinbase said it would continue to “seek regulatory clarity for the crypto industry as a whole” and that they have made the “difficult decision” to not launch the Lend program and discontinue the Lend waitlist.

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Source: https://www.cryptoknowmics.com/news/pat-toomey-calls-chinas-crypto-ban-a-big-opportunity-for-the-u-s/

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Coinbase wants to be ‘an advisor, a helpful advocate’ for this purpose

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“While half of the lawmakers in DC have misconceptions about crypto, the other half have realized that the crypto industry is a huge opportunity….”

If that isn’t ambiguity on the part of United States lawmakers, it would be difficult to say what is.

Coinbase CEO Brian Armstrong touched upon the same in a recent podcast with Anthony Pompliano, with the exec citing his latest visit to the capital to expand on the regulatory uncertainty in the United States.

According to Armstrong, ordinarily, “the intense demand for crypto-industry regulation” is a good thing since it often accompanies the growth of the industry itself.

However, as far as Washington DC is concerned,

“They think ‘this is scary, this is dangerous,’ they have all kinds of misconceptions about the percentage of activity that’s for illicit activities. In their mind, they think it’s like 50% illicit activity.”

Not all lawmakers feel this way though, with quite a few in the Capitol recognizing that the crypto-industry is a huge opportunity.

“They realize this is a hugely important industry for the United States and every country around the world. It exists in a competitive environment where the U.S needs to attract these entrepreneurs and get these companies built here.”

American citizens want these products and services, and crypto is not a fringe thing anymore, he added.

Can the aforementioned concerns be addressed though? Well, yes. According to Coinbase’s own research, for instance, illicit activity accounts for less than 1 percent of all crypto-transactions. In fact, a higher percentage of cash is used for such activities worldwide.

Even so, denying people what they want can have huge repercussions in the future. According to the exec,

“There are tens of millions of Americans that want to use these products and services and they’re getting a benefit from it that they weren’t getting in the traditional financial system.”

An embargo in place?

It’s worth pointing out here that the exec didn’t hold back one bit when characterizing the situation in the United States.

“It’s almost like prohibition, historically. You can’t go out and try to criminalize something 50 million Americans are doing. You’re just going to turn them all into criminals, but they’re not going to stop doing it.”

The fact that these lawmakers have refused to meet with crypto-representatives, including those from Coinbase like Armstrong, further feeds into this notion of criminality.

Next steps…

What next? Well, Coinbase wants to propose a federal regulatory framework and “be an advisor and a helpful advocate for how the U.S. can create sensible regulation.” The expected proposal is set to be presented by the end of the month or early next month. 

How will such a proposal be received, however? Well, it’s difficult to say. After all, Coinbase’s relationship with the SEC recently took a hit after it was threatened with legal action over its planned lending products.

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Source: https://ambcrypto.com/coinbase-wants-to-be-an-advisor-a-helpful-advocate-for-this-purpose

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