The Bank of Hodlers asset-backed lending product is out!

You can now create a wallet, deposit your Bitcoin, Ethereum and Stablecoins (DAI and TrueUSD) and start earning interest on them. You also have the option to borrow DAI against Ethereum.

For those of you who haven’t followed their journey – Bank of Hodlers is a community of blockchain enthusiasts and full-time Hodlers. They are working to create a better bank.

They have gone on to say:

“Banks have put their own interests before those of the customer for too long, and every step of the way. The system is controlled by a few, hence it serves to benefit only a few. This oligopoly has ensured that banks never had to be customer-obsessed the way other industries have become. We will change that.”

They believe that a purely cryptocurrency-driven financial ecosystem can work extremely well with a connection to the existing infrastructure.

“We’re building a community and user-centric banking solution for people who want to bank on the blockchain but can’t because of its restrictions. We’re solving for banking today by unifying the FIAT and crypto banking experience.”

If you want to lend your cryptocurrencies:

You can create a wallet, deposit your crypto and start earning interest on your deposits

The interest rate is dynamic, and you will be given an update on it every week

You can earn interest on 4 major tokens (as of now, you can earn interest on 4 tokens but they plan to add the option of depositing and earning interest on 10 major tokens)

If you want to borrow crypto:

You can borrow a stablecoin (DAI) against Ethereum which is built on top of the MakerDAO protocol

You will be able to take a loan at the click of a button, with a governance fee set by MakerDAO without them taking any middleman fee

They will be opening up borrowing across Bitcoin, Ethereum, DAI and TrueUSD along with other major cryptocurrencies within 2019

Why MakerDAO?

Their spokesperson said that implementation with MakerDAO helps users get capital at lower costs. MakerDAO, as a platform, has revolutionized lending against Ethereum by reducing the cost of capital significantly. Bank of Hodlers intend to give their users the best rates while staying true to their vision.

Sign up to their product here: https://app.bankofhodlers.com

And keep an eye on them for more updates as they continue to strive to create the bank our community deserves.