Local cryptocurrency platform Hodlnaut aims to tap into WBTC’s $6.8 billion market capitalisation.
Singapore-based crypto interest provider Hodlnaut has listed the digital asset Wrapped Bitcoin (WBTC) on its crypto interest platform, and WBTC holders can now earn a 6.0% Annual Percentage Rate (APR), or 6.2% Annual Percentage Yield (APY) on their digital tokens.
While Bitcoin is a familiar term in the crypto space, Wrapped Bitcoin is recent innovation that bridges the asset to the Ethereum network. Created by a joint project by Kyber Network, Ren, and BitGo, it is an ERC-20 token that is backed 1:1 with Bitcoin and allows it to interact with Ethereum decentralised applications.
“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.”
– Zhu Juntao, CEO & co-founder of Hodlnaut
With the addition of WBTC, Hodlnaut is aiming to tap into the token’s $6.8 billion market capitalisation. Furthermore they have added it as a swappable asset in their Token Swap feature, which allows users to swap the token with one of their 5 other listed assets – BTC, ETH, USDC, USDT, DAI – without any additional fees.
CTO and co-founder of Hodlnaut, Simon Lee, shares that “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,”. Plus he highlighted that they have “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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