Crypto CurrenciesHodlnaut Adds Support for Wrapped Bitcoin (WBTC)

PRNewswire PRNewswireJuly 6, 20213 min

Hodlnaut adds WBTC to its list of supported assets

Hodlnaut is proud to announce the support for WBTC on its leading yield-generating platform. Hodlnaut now enables its users to earn interest rates of 6.0% APR/ 6.2% APY on WBTC. Interest earned on WBTC is accrued daily, and compounded weekly when paid out.

Launched in 2018 as a joint initiative by BitGo, Kyber Network, and Ren (formerly Republic Protocol), WBTC is the first ERC-20 token that is backed 1:1 by Bitcoin. This is fully verifiable through on-chain validation. WBTC’s value comes from its inherent ability to bring Bitcoin’s liquidity to decentralised exchanges.

By adding support for WBTC, Hodlnaut looks to provide its interest earning product to WBTC’s $6.7B market capitalization. Hodlnaut has also added WBTC as an asset pair in its Token Swap feature. Hodlnaut users have instant access to WBTC without the need to source for a wrapping merchant for their BTC. Users can simply utilise Hodlnaut to swap its tokens for WBTC at a clean price with no additional fees.

“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,” 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 this very short span of time,” shared Simon, CTO and co-founder of Hodlnaut. “We’ve got many more new features that will be launching this month and next, it’s going to be an exciting time for us and we hope our users are just as excited as we are.”

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