Hodlnaut Review: Bitcoin-Focused, KYC Not Required
Operating from Singapore, Hodlnaut is a financial services startup with an interest account targeted to Bitcoin "hodlers". Hodlnaut was founded in 2019 by self-proclaimed Bitcoin-maximalists Juntao Zhu and Simon Lee.
Hodlnaut Interest Account Review
Hodlnaut Interest Account
Hodlnaut Interest Account
Pros & Cons
- KYC not required
- BTC interest rate at 6% and amount is uncapped
- Affiliate program (receive 10% of interest earned by referrals)
- Simple, straightforward user interface
- Few cryptocurrencies supported
- No stated insurance policy
- KYC & Withdrawals are manually processed, can take longer
What Hodlnaut's Interest Account Does Well
Hodlnaut offers an annually compounding interest account (paid out monthly) for Bitcoin, USDT, and USDC. As a small startup, they've kept their focus narrow -- there are few extra features although there is a helpful demo account option for users to experiment with. The interest rate schedule is clear and funds can be withdrawn at any time, although withdrawals have to be manually approved daily. Most notable about Hodlnaut is that they do not require KYC, except to withdraw over 2 BTC per 24 hrs. Withdrawals do include fees, but they are mostly negligible ($1 USD for stablecoins & .0005 BTC for Bitcoin).
- 8% interest on USDC, TUSD
- 6% interest on BTC
Hodlnaut Company Review
What Hodlnaut Does Well
One Hodlnaut's defining features is that they do not require KYC to deposit funds and earn interest. Users can withdraw up to 2 BTC per 24hrs anonymously. Technically, that means Hodlnaut is available everywhere in the world. Additionally, Hodlnaut offers one of the best interest rates on BTC in the industry at 6% and the amount of Bitcoin is uncapped. It's also possible to increase that rate through Hodlnaut's affiliate program, where users receive 10% of interest generated from referrals.
Why You Might Want To Choose Another Service
Hodlnaut is a new startup and lacks several features more established companies offer. There currently is no dedicated customer service although users can often find the 2 founders personally answering questions in the Telegram channel or ask questions through the chat window embedded on the site. A small team also means that KYC and withdrawals are manually processed and can take up to 1-2 days.
If you're looking for a stablecoin interest account, you will find better rates elsewhere, but again KYC is required. While KYC is not required to earn interest, withdrawal requests exceeding the 2 BTC per 24hrs limit actually require a comparatively more involved process. KYC, should you choose it, requires proof of address (e.g. household utility bill) and proof of financial standing (e.g. bank statement, tax assessment) in addition to standard identification. Lastly, Singapore recently introduced new legislation on cryptocurrencies and Hodlnaut states on their website that they have "6 months grace period while they apply for a license under the new regime".
Hodlnaut sports Antler among others as partners & investors. They use BitGo as custodian for all funds, and do not use hot wallets.
Hodlnaut is one of the few cryptocurrency interest accounts that doesn't require KYC and offers competitive interest rates for uncapped amounts of Bitcoin. If you're willing to take on a bit more risk in exchange for anonymity, this might be an option for you.