We are pleased to announce that today the INLOCK platform has renewed its services.
By merging the previous products, we created a new product line, called INLOCK: Crypto Savings Account, our clients automatically receive interest after their deposits! The renewal was preceded by nearly a year of planning, software development, business processes, and partnerships. Thanks to all these things, INLOCK has now become a product in which all customers can now take advantage of the crypto assets and take out a USDC-based loan for them, without any restrictions, obligations, and above all, extra tasks.
The new features are now available from a web interface and Android, iOS Mobil app. The new line is now reflected in the name of our mobile app, and all other content related to INLOCK will soon be renewed in this light.
What happened to previous products?
With the new Savings Account on the INLOCK platform, the method of paying interest on all coins has become consistent. We used the common interest payment for the Manged Lending -that means, there is a weekly interest credit, from which we continue to send interest statements to our customers.
On 9 September, all the running Stake/Deposit and ProLend contracts were closed, the interest was, of course, paid on a pro-rata basis, and the resulting client assets were automatically credited to all our clients’ Interest Rate Wallets.
What does the Savings Account know?
All cryptocurrencies stored in INLOCK now bear interest, which is paid on a pro-rata basis every Wednesday and the fixed interest rates for the next period will continue to be disclosed on Tuesdays. With this convenient feature, customers can expand their interest-bearing balance at any time, with any amount. The new balance is automatically added to the Savings Account; or may be withdrawn at any moment.
In the case of withdrawing, of course, interest is accrued until the last closed date. Besides, the interest generated and credited in a given week will continue to bear interest in the following week, thus implementing the principle of compounded interest.
The new product has also got a clear dashboard, which is available on both the web and mobile interfaces. In the overview, you can look at the aggregate balance of the Savings Account converted into the US dollars, as well as the interest earned previously and the pending interest already accounted for the current period! Also, in a portfolio view, you can see how and at what rate each crypto asset is distributed. The latter can be a great help in maintaining a balanced portfolio of volatile cryptocurrencies, stable coins, or even a PAXG token tied to the gold exchange rate.
The ILK token has become an important part of every portfolio!
With the help of the ILK token, you can earn HIGHER interest rates week after week. Although interest rates are tied to the previous discrete thresholds, it will soon be renewed and a portfolio-based, progressive system will serve the interests of the clients. Currently, it is possible to earn higher interest rates by holding two fixed amounts of ILK: if you are holding 100,000 ILK, you can earn 5% more interest on each cryptocurrency, while holding 1 million ILK increases the interest by fifth (i.e. +20%), which can be pocketed weekly!