Whalelend: Safe High Yield Cryptocurrency Savings Account?
What Is Whalelend?
Whale Lend is a high-yield saving account for digital assets, in which users can put their capital to work in multiple cryptocurrency lending markets. The platform was designed for users to earn interest on their digital asset holdings without taking excessive risks. The investment saving account works for everyone. Some of its pillars include:
- Daily paid interests
- Interest rates fluctuate daily
- Interest paid in the same currency as the investment (if you invest in ETH, you receive interest in ETH)
Whale Lend originally began as a bunch of code running on an old computer meant for just a few people. With time, more friends and family expressed their interest and asked to join. The developers then thought of making the platform available for everyone.
How Whalelend High Yield Cryptocurrency Savings Account Works
Whale Lend sets out your capital to the Crypto lending markets so traders can borrow. In return, traders pay interest based on the agreed rates. Your capital remains protected and safe such that traders can lose everything while your investment through Whale Lend stays put and safe. The platform operates on what they call “margin lending.”
Besides, Whale Lend, as a service provider, works with both the customer and the cryptocurrency exchanges to facilitate the process of Margin Lending. It is neither a bank nor an Investment Fund.
- A secure platform: Whale Lend uses industry-leading security practices.
- Complete transparency: the platform provides full details of the company and their team behind the service.
- Multi-exchanges: It diversifies amongst numerous exchanges to reduce risks.
- AI-Optimized algorithms: Whale Lend utilizes AI-powered lending algorithms, which continuously optimizes returns in real time.
Returns To Expect With Whalelend
The returns vary according to the asset and the exchange. For instance, in 2017, the returns on Bitfinex were hovering between 15 and 20 percent annually for Bitcoin.
In order to withdraw your money, you simply submit a withdrawal request. Once you place the request, the withdrawal process up to 30 days, since your money is in the lending exchange. After issuing the withdrawal request, the interest generation on the withdrawal amount stops. For example, if your account has 20 BTC and you request a withdrawal of 5 BTC on Monday, then from that Monday going forward, you will earn interest on only 15 BTC.
There is literally no investment without risk. At Whale Lend, two main risk factors are involved:
- The cryptocurrency exchanges can become insolvent, especially during hacks, which can lead to a loss.
- The cryptocurrency exchanges can fail to risk-limit their trading engines. However, this risk is rare and most unlikely to occur in major crypto exchanges.
All the same, Whale Lend believes that at their current level of return, the gains outweigh the risks.
Whale lend is literally for anyone with digital assets lying idle in the wallet. The platform can help them earn money from it. In addition, if you want returns from cryptocurrency markets, but do not want to take the risk of buying directly, you can utilize the platform. Concisely, Whale Lend enables everyone to become a ‘Whale’ and earn interest from the lending market.