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Singapore-based fintech firm Hodlnaut has announced the addition of Wrapped Bitcoin(WBTC) to its list of supported assets. As a result of the integration, users on Hodlnaut can now earn interest rates of 6.0% APR/ 6.2% APY on their WBTC holdings.
Hodlnaut Adds WBTC to Supported Assets
Hodlnaut will soon feature WBTC among its supported assets and enable crypto investors holding the asset to make money on their investments without trading. Like other assets on the platform, interest earned on WBTC is accrued daily and compounded weekly at the time of payout.
For the uninitiated, the WBTC is an ERC-20 token on the Ethereum blockchain that is backed by Bitcoin in a 1:1 ratio. This means WBTC investors have the option of transferring liquidity between BTC and ETH networks by converting 1 Wrapped Bitcoin for 1 Bitcoin and vice-versa. The currency has an inherent ability to bring Bitcoin’s liquidity to decentralized exchanges and benefits from its integration into Ethereum-based wallets, DApps, and smart contracts.
Through its support for WBTC, Hodlnaut aims to target its interest-earning product at the currency’s investor base. WBTC has a sizeable share in the crypto world with a market capitalization of more than $6.5 billion.
The company has added WBTC as an asset pair to its Token Swap feature. It will also provide users with instant access to the newly supported asset without the hurdle of sourcing a wrapping merchant for their Bitcoin. What’s more, Hodlnaut will not levy additional fees on users swapping their tokens for WBTC.
Hodlnaut Catered to Customer Demand With New Addition
The decision to add WBTC on Hodlanut was motivated by the need to address growing customer demand for the new asset. Speaking on the integration, Juntao Zhu, the co-founder, and CEO of Hodlnaut stated, “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.”
Juntao’s assessment was also shared by Simon Lee, CTO of Hodlnaut, who noted, “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.” Lee has also promised other upgrades and additions to Hodlnaut in the foreseeable future, for which he expressed his optimism.