The Offer
- Hodlnaut is offering a deposit bonus of up to $180 (new & existing customers). Tiers can be stacked for up to $310 in total. Funds need to stay in account for 16 weeks.
- Deposit US$5,000 in stablecoins to receive US$30 in equivalent stablecoin
- Deposit US$10,000 in stablecoins to receive US$100 in equivalent stablecoin
- Deposit US$15,000 in stablecoins to receive US$180 in equivalent stablecoin
The Fine Print
- You will need to have an existing Hodlnaut account. If you do not have an account, feel free to sign up here.
- Each user is entitled to one redemption per tier only.
- You will be allowed to stack your bonuses in one lump sum deposit. This will mean that if you deposited US$30,000 worth of USDC, you would be able to receive a US$310 bonus.
- Input your Hodlnaut email address, Hodlnaut unique referral link, Hodlnaut deposit address, TXN ID, and a screenshot of proof into our Google Form to be eligible for the rewards.
- You must successfully submit your entry on Google Forms during the campaign period to be eligible to earn the bonus. Submissions not tracked by the Hodlnaut team will not qualify for the bonus.
- If you withdraw any amount on the day of the announcement or during the 16-week lock-up period, you will be disqualified from the program.
- You will need to deposit fresh funds from 14 February 2022, 8 pm (GMT+8) onwards. Deposits made before 14 February 2022, 8 pm (GMT+8), will not be accepted.
- Fresh funds are defined as completely new funds that have not been deposited into your Hodlnaut account before. Withdrawing previous balances from your account and depositing the funds back is NOT considered fresh funds.
- Your account balance on the date of the announcement (read: 14 February 2022, 8 pm (GMT+8)) must also be maintained throughout the 16-week lock-up period from the date of your deposit to qualify for the bonus.
- You will be required to hold the entire amount – including the balance you had before depositing and the deposited amount – for 16 consecutive weeks to be eligible for the bonus payouts.
- Once you are compliant with the mentioned rules, the bonus will only be credited to your Hodlnaut account after 16 consecutive weeks from the date of deposit.
- The Stables Deposit Rush is subject to Hodlnaut’s T&Cs and campaign T&Cs on the Google Form.
- The Hodlnaut team will perform routine checks to ensure no funds are withdrawn during the campaign period.
Our Verdict
You do need to complete a google form after making the deposit, so keep that in mind. I always find these types of crypto deals a bit of a risk, but maybe that’s just because I don’t understand it fully. I’ll let the experts discuss it in the comments and determine if it’s worth doing or not.
Hat tip to reader Davis
This is from another review and gives me pause-
After initial publication of this review on Hodlnaut, we were contacted by a Hodlnaut representative, who disputed our statements and asked us to reconsider. I signed up for an account, and was presented with the following statement:
Kindly note that if you reside in Singapore, your counterparty is Hodlnaut Pte. Ltd. (SG). If you reside in any other country apart from Singapore, your counterparty is Hodlnaut Trading Limited (HK). Kindly note that the token swap service offered by Hodlnaut Pte. Ltd. is the only regulated activity under the Payment Services Act.
If you reside in Singapore, the Monetary Authority of Singapore (MAS) requires us to provide this risk warning to you as a customer of a digital payment token (DPT) service provider. Before you pay your Digital Payment Token (“DPT”) service provider (Hodlnaut Pte. Ltd. or the Company) any money or DPT, you should be aware of the following.
1) Please note that you may not be able to recover all the DPTs you paid to your DPT service provider if the Company’s business fails.
2) You should not transact in the DPT if you are not familiar with this DPT. Transacting in DPTs may not be suitable for you if you are not familiar with the technology that DPT services are provided.
You should be aware that the value of DPTs may fluctuate greatly.
3) You should transact DPTs only if you are prepared to accept the risk of losing all of the money you put into such tokens.
As you can see, Hodlnaut states that for everyone outside Singapore, the counterparty is located in Hong Kong. Part 1 states that if the counterparty fails, then all of your money may be lost. Therefore, while citizens of Singapore are protected from the Chinese government, everyone else is not. There is nothing in the disclaimer to indicate that the Singapore counterparty is responsible for losses if the Chinese government seizes assets, and the exposure to the Chinese government disqualifies Hodlnaut from further consideration.
Is there still any referral bonus available for opening a new account? I still haven’t opened one.
Yes but only $20 https://www.hodlnaut.com/referral-program
cool I’ll take a referral?
Davis
Search DOC for Hodlnaut and you’ll find the referral thread. The links on there are valid for the $20 bonus too
funny that all the risk averse people here who are dismissing this as a scam are the same people who who had the same mindset 5 years ago and missed out on 10-100x in the easiest markets of all time lmao, see you in another 5 years.
There’s a difference between saying a company is a scam vs a currency is a scam. Can you really not see that? How do you know that it’s the same people anyway? Lmao
ok, then show how hodlnaut the company a scam? calling something a scam just because it is new or not well known is a room temperature iq take. pessimism doesnt get u paid.
fwiw if anyone does park some funds with them you can buy “insurance” for 1.62%-2.6% from nexus mutual (wrapped nxm or nxm directly.) better than nothing. i bought cover for ribbon USDC put selling strategy for eth which generates around 28% apy. covers smart contract risk and depeg of USDC. for Hodlnaut it will cover similar but custodial risk and return 90% of your funds. dyor.
https://app.nexusmutual.io/cover
Is the $310 bonus in addition to the interest earned or in place of it?
in addition
I did the $20 referral bonus for $1000 deposit. Withdrew immediately. Chances were low an exchange would go down in 12 hours.
Promo released 1 day after Luna voted to save Anchor for another year or so. Coincidence?
Could you please google the words you don’t understand
Terra USD is algorithmic stablecoin that preserves it’s peg by using seniorage – lol, buzzwords.
Anchor protocol is the website where you can save Terra USD for ~20% APY interest.
Terra USD trys to stay at $1 by encouraging arbitragers to buy/sell Luna and fluctuating the supply. It’s done ok for the last year.
Since it uses arbitragers it leaks money. Terraform provides the real world VC money to keep the system running. They hope to grow the ecosystem and become profitable, but right now it’s losing about 2 million dollars a day. Anchor was done to it’s last 20 million or so and February 10th Terraform let everyone know they would put another 450million into the project. Feb 11th Hodlnaut released this promo.
So I’m guessing that Hodlnaut threw it together real quick since they can take your stablecoin, pay you 12-16%, and put the money into Anchor for 20% and keep the difference – *poof* subsidized customer acquisition costs.
It’s called a vampire attack and it’s where the crypto use case has stalled for now. Just a bunch of projects vacuuming the real money out of each other and enriching their own developers/owners – while pretending the users are going to get rich.
reserve was just refilled w 250M, should be good for 12+mos. insurance for UST peg, anchor smart contract is around 2% (with wnxm from nexus) but is sold out cuurently. UST is riskier than USDC fwiw.
Hi @Slowbrake,
My name is CT, the Social Media Manager from Hodlnaut, a cryptocurrency lending & borrowing firm based in Singapore.
You can find my profile below:
https://www.hodlnaut.com/our-team
https://www.linkedin.com/in/changteck12/
Thanks for your comments!
Just for clarification sake:
Hodlnaut’s interest rates are subject to change monthly and the rates are based on market conditions and company’s past month profits.
We just recently change our interest rates on Feb 8 2022, announced on Jan 13, as evident in one of our posts below:
https://www.reddit.com/r/hodlnaut/comments/s2vl1q/announcement_revised_openterm_interest_rates_for/
Hodlnaut has been operating since April 2019, and are running on pure profits with only a pre-seed funding of $100k by Antler, evident in the link below:
https://www.crunchbase.com/organization/hodlnaut
Also, we are applying for a license under the Monetary Authority of Singapore, under the Payment Services Act 2019:
https://www.mas.gov.sg/regulation/acts/payment-services-act
As you can see below, we have been granted an exemption to operate until we obtain our license, which is the Major Payment Institution License:
https://www.mas.gov.sg/regulation/acts/payment-services-act
https://www.mas.gov.sg/regulation/payments/major-payment-institution-licence
This promotion is not in conjunction with the ‘Luna vote to save Anchor’ as this promo has been planned since 2 months ago.
Additionally, we run promos very frequently to either increase the user base or to improve user loyalty to the platform. We recently ran another promotion before this particular Valentine’s Day promotion, so unfortunately, your comments are untrue.
With regards to where we earn our interest from – we lend out funds deposited on the platform immediately to institutional borrowers who are strictly vetted and must have good credit scores and legal contracts are in place to not only protect the firm, but also user funds. Additionally, they are required to fulfil a 70% LTV ratio where if they intend to borrow 70k, they need to have 100k in collateral placed in our cold storage.
So far, no borrowers have been liquidated.
Also, we lend out a small portion of the funds to vetted and VC-Backed DeFi Protocols like Compound Finance. To make sure that all our bases are covered, the company has amassed a significant portion of company equity to pay users out to the best of their ability in unlikely events of hacks or loss of user funds.
Feel free to let me know if you have any other questions. You can reach me easily at [email protected].
Regards,
Hodlnaut (CT, Social Media Manager)
Thanks for the input. I have a few questions if you’re inclined.
1 – When are you planning on receiving the Money Transfer License? It’s been a few years now.
2 – Does Hodlnaut have assets in Anchor Protocol?
3 – How does Hodlnaut attract Institutional money at a 70 LTV ratio?
other CEFI firms offer undercollateralized loans
DEFI sites offer similar/higher LTV ratios and low rates
Creditworthy intuitions can borrow cash at low rates
4 – What is Hodlnaut’s aggregated loan to value (loan outstanding/collateral) ratio? or do you use other surrogate markers for company health?
Hi @Slowbrake,
1) We only started applying for the license in 2020. The act was introduced in 2019. With regards to getting the license, we are unable to give you a confirmed date as this is up to the authorities to decide and it is something we have no control over. However, you can be rest assured that we are doing everything to the best of our ability to comply to the regulations and if you Google the news, you can see that most recently, hundreds of companies have been rejected and/or pulled out of the race because of the difficulties of applying, but Hodlnaut is still in the running.
2) With regards to this, I am unable to comment as this is private and sensitive information.
3) We are able to attract institutional money at a 70% LTV ratio as we have very stringent practices in place that are compliant to the regulations in Singapore. As you already know, Singapore is an extremely friendly country for businesses to invest in, however, there are safeguards in place to prevent the risk of liquidating which would cascade across the economy. For example, housing loans in Singapore have a strict requirement of 55-75% LTV for your first house, depending on your downpayment. Link below:
https://www.mas.gov.sg/regulation/explainers/new-housing-loans/loan-tenure-and-loan-to-value-limits
The 70% would be a country-standard practice we are following.
Additionally, reason why borrowers are attracted to the 70% LTV ratio is because Hodlnaut provides company equity that would be able to cover losses in the unlikely event of a hack or sudden loss of funds.
4) With regards to Hodlnaut’s loan outstanding, we are unfortunately unable to reveal these numbers as they are part of the audit with the authorities and we cannot reveal information that is government-related. But do be rest assured that an audit has been conducted last year by the authorities and we have since passed it with no problems.
Let me know if you have any other questions.
Hi Olivia,
These points have been constantly addressed in our subreddit at http://www.reddit.com/r/hodlnaut.
However, I would like to address this point here, specially for you:
1) You still haven’t clarified with regards to your partner labelling one of our founders being involved in fraud. Would you be able to advise where did you see it from? Because with regards to this, our founders are both Singaporeans and if they do have a criminal history, they will not even be able to set up a fintech company in Singapore, let alone apply for a license under the Monetary Authority of Singapore.
2) I have personally contacted the writer of the Prohashing review, unfortunately, they refused to acknowledge the following:
– All funds and operations are in Singapore.
– We are headquartered in Singapore.
– More than 95% of employees are Singaporeans, and all of them go through a stringent background and security check before being employed with the company.
– The government of China has no control over user funds custodied with Hodlnaut in Singapore
– We are subject to the regulations in Singapore, and even so, they do not have the rights to seize funds under the direct control of Hodlnaut
– International users face the Hong Kong entity as it allows us to quickly roll out features due to the long lead time we will face if they face the entity in Singapore due to the strict regulations
– We are still in the running for the Major Payment Institution License despite hundreds of companies being rejected.
– With regards to lending, most of our funds deposited from users go on-lent to institutional borrowers and strictly vetted and vc-backed DeFi Protocols like Compound Finance. With regards to borrowers, there is a strict 70% LTV ratio and legal contracts in place with these borrowers.
– We have done Financial Attestations with Crowe Singapore, a top-8 global audit firm.
3) With regards to the SEC, there is no concern for now but my compliance team is constantly being updated on the terms & conditions for making sure we are running a legal business.
Also, the prohashing review unfortunately leans very heavily towards one platform which I will not name here.
Do let me know if you have any other questions.
SARCASM DONT BAN: Anyone want to deposit USDC in my new crypto stablecoin account? Deposit $100k or more and I’ll give you a $500 bonus in 6months! Promise! No insurance but who needs it
Sign me up… USDC is pegged to $1 USD so there’s no risk.
The USDC is relatively safe, sure. But we have no idea what these platforms might be doing while they have custody of your USDC. Probably lending it or staking it in liquidity pools.
I thought this company was not accessible for USA?