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INTRODUCTION:
If you are a hodler. you will be looking for a lending platform that provides you with a simple way to generate passive earnings on your deposited assets. Hodlnaut is the place you should seriously give a good look at.
Hodlnaut is a crypto lending platform based in Singapore whose stated mission is to provide innovative financial services to cryptocurrency users. This platform is certified Fintech by the Singapore Fintech Association, which is an accreditation unit recognized by the Monetary Authority of Singapore. It is also recognized by the Infocomm Media Development Authority of Singapore. Hodlnaut is looking to become the first regulated entity in Singapore within the cryptosphere.
FIRST STEPS - KYC
As Hodlnaut is a registered and centralized entity, KYC (Know Your Customer) clearance is required before you can use the platform. Usually this process is painless, slightly inconvenient but quick. However such was not the case for my experience.
My KYC included a biometric facial scan (which for privacy concerns I found objectionable, but I proceeded), Well on the first try, the biometric system simply did not work. Nor did it work on the second, third or fourth tries. So I figured I'd wait a day and try again. Well, still no luck. But I persevered. Finally, on the fourth day of repeated attempts the biometric scan worked. I was on my way - or so I thought.
Instead of receiving KYC approval within the 24 hours stated, I received an email telling me a video conference was necessary to confirm my KYC submission. W.T.F.? But now my curiosity was peaked and I figured what the hell, I came this far. So I was presented a schedule of available dates and times for this conference. Let me tell you, if you reside in the US like I do, none of the times are convenient. I'm sure though the times are convenient for Hodlnaut's employees. My time was scheduled for 05:30 in the morning (good thing I'm usually an early riser).
Well, this conference lasted less than five minutes, and quite honestly was a major waste of time. The two main questions asked after the pleasantries were: 1.) Where was I getting the funds from? and 2.) What was my experience with cryptocurrencies? Following this though, my KYC was approved in about five hours, but nine days after I started the process
My KYC experience with Hodlnaut - NEGATIVE.
USING HODLNAUT FOR THIRTY DAYS
I had $50.00 in Bitcoin to use in testing out Hodlnaut. So it was time to learn what exactly the platform had to offer.
Basically, Hodlnaut features two products:
- An Interest Account where users can deposit a very limited number of supported crypto assets while earning a very decent interest on said assets deposited. The cryptocurrencies supported by Hodlnaut are: Bitcoin, Ethereum, DAI, USDT, and USDC.
- A Token Swap service where users can swap between any of the supported assets for free.
The rates offered on Hodlnaut within the Interest Account are highly competitive:
After the deposit of Bitcoin, I immediately tried out the swap feature. I converted the $50 in Bitcoin to USDC. A very easy and quick process. The Swap interface is clean and clearly designed for ease of use:
This platform is super easy to use and is visually uncluttered adding to a positive experience. After a week in USDC, I moved the $50 to Ethereum, likewise an easy and quick process.
Competitive earnings, a clean and easy to use website, clearly a hodler's dream.
My Usage Experience with Hodlnaut: EXTREMELY POSITIVE.
CONCLUSION
Despite my initial problems with the KYC process, my usage experience far outweighed the delay, inconvenience and aggravation I first faced. If you are a hodler, Hodlnaut is more than worthy of a platform for you to consider. With an excellent UX and clean UI, coupled with the competitively offered rates of return, a hodler should be more than satisfied with that which Hodlnaut has to offer. If you'd like to give Hodlnaut a try like I did, feel free to use my approved affiliate link: http://hodlnaut.com/join/SsQgvcvyB. Good Luck to you all!
