POKKET Launches Structured Saving Account for Stablecoins
MAHE, SEYCHELLES / ACCESSWIRE / August 23, 2020 / POKKET to release the world’s first call and put options on more than 50 different altcoins. The platform provides these options in a simplified manner, as a structured savings account for digital assets. It has recently launched a new stablecoin saving service, which will offer users the same high interest rates on dollar-pegged stablecoins Tether (USDT) and TrueUSD (TUSD). In addition to the new product,15 more tokens will be added between August 17-21.
POKKET users are sellers of put options, with the platform facilitating buyers from third-party hedge funds. The option premium paid by these hedge funds is paid to users as interest and $4.4 million worth of user deposits have been made since June 2019. The platform offers interest earnings on over 30 cryptocurrencies including BTC, ETH and altcoins such as LINK, DENT and BNT.
Because interest rates are higher during times of market volatility, and because POKKET uses derivatives to offer structured saving, the portal has witnessed $3 million of deposits within the past four months as users seek to take advantage of market swings.
Stablecoin Structured Savings will let users earn interest on their USDT and TUSD by choosing the underlying token from one of 30 available cryptocurrencies. After a lock-in period of one week, they will have two options:
1. If the market price of the underlying token is within -9% (underlying token price at maturity > 91% underlying token price at start) after the one-week period, the user receives the saving amount plus interest in the stablecoin saved.
2. If the market price of the token is below or equal to -9% (underlying token price at maturity <= 91% underlying token price at start) after one week, the user gets underlying token equivalent of both the saving amount and interest, converted at strike price (91% of the value at start) to the underlying token. In other words, users can purchase their chosen token at a 9% discount while simultaneously earning interest.
With the addition of the new product, POKKET users will be able to take advantage of market turbulence, buying when the price is cheap and selling when its value rises, all while earning generous interest returns. Currently, interest rates for BTC are 2.6% and 10.92% for ETH, while LINK interest is set at 200.72%. POKKET uses a cold wallet for the majority of its holdings and does not store any personal information, other than emails, on its servers.
About POKKET
POKKET is a startup created by a team of world-class professionals from the worlds of finance, software and web development. With over 100 years of professional experience at the likes of Citigroup, JPMorgan, Morgan Stanley, Microsoft and GE, POKKET launched in June 2019 and is registered in the Seychelles. Its distributed team is based in Tokyo, Hong Kong, Shanghai and Ulaanbaatar.
CONTACT:
Nadia Li
nadia@pokket.com
SOURCE: POKKET
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