Wrapping and Unwrapping of Bitcoin with Hodlnaut
With Hodlnaut’s Token Swap feature, users can get instant access to WBTC without sourcing a wrapping merchant.
SINGAPORE, July 9th, 2021 – Hodlnaut is thrilled to announce the support for wrapping and unwrapping Bitcoin on its platform empowering users with instant access to WBTC without having to source a wrapping merchant.
Hodlnaut’s on-platform Token Swap feature enables seamless swapping of Bitcoin to Wrapped Bitcoin and vice-versa for a clean price without any additional fees. By adding support for WBTC, Hodlnaut looks to provide its interest-earning product to WBTC’s $6.7B market capitalization. The crypto-interest platform has added WBTC as an asset pair in its Token Swap feature thus also allowing users to choose which asset type they would like to earn interest in.
Wrapped Bitcoin (WBTC) is an ERC-20 token that is held at Bitgo Trust and backed 1:1 by Bitcoin. It essentially brings the liquidity of Bitcoin to the Ethereum ecosystem. Hodlnaut currently offers interest rates of 6.0% APR/ 6.2% APY on WBTC, and the interest earned is accrued daily and paid out weekly.
“Our Token Swap feature allows users to wrap and unwrap Bitcoin easily within our platform which proves to be advantageous as there aren’t many merchants out there that accommodate this feature seamlessly,” 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 a very short span of time," shared Simon, CTO, and co-founder of Hodlnaut. “We’ve got many more new features lined up in the coming months, and we hope our users are just as excited as we are.”
About Hodlnaut
Hodlnaut provides innovative financial services for individual investors and allows users to earn interest on their crypto assets by lending them to vetted institutions. Founded by Bitcoin maximalists Juntao Zhu and Simon Lee in April 2019, Hodlnaut has grown leaps and bounds over the years. The platform offers up to 10.5% APY on six supported assets: BTC, ETH, DAI, USDC, USDT, and WBTC.
Hodlnaut 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 Monetary Authority of Singapore). The company is a certified Fintech by the Singapore Fintech Association, an accreditation recognized by the MAS.
For more information, please visit www.hodlnaut.com.
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