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For those who exist anywhere near the crypto scene, it’s obvious that if it had fashion trends – this season would be all about stablecoins.
With crypto investors choosing in favor of holding their crypto assets more and more, and investing into what seems to be the safest options on the market, we see a consistent growth of capitalization, and a drive for transparency in stablecoins – and this sentiment shows no signs of abating anytime soon.
But what is usually the motivation behind converting to stablecoins? Sitting it out “in safety” for the next rally, ready to get back into more highly volatile assets?
Well, now there is an option that allows you to put these assets to good use, and if you play your cards right, make an entirely risk-free profit while you are in the waiting game.
This Monday, MoneyToken, a crypto-backed lending platform, and contribute to the MoneyToken credit fund, earning 8% annually from the amount deposited.
The team, lead by former Goldman Sachs employee Alex Rass, completed a $37M cap Token Sale in June; several sources close to the MoneyToken management team are claiming that, allegedly, the Lender membership program is being rushed through to launch, due to the company’s credit fund being wholly taken up with active loans, especially as a result of the runaway success of their 0% loans membership sales and the demand for crypto-backed loans this generated.
Putting rumour aside, what is clear is that the MoneyToken lender membership program is providing something truly unique – allowing members the opportunity to put their stablecoins to use just like any traditional currency and collecting interest, pushing crypto another step further in terms of financial convenience.
For the most careful and strategic of investors who aren’t looking to engage in a high-risk market with a high share of uncertainty; crypto funds not in possession of low-risk assets; and ICOs that have converted their collected funds to stable coins, MoneyToken acts like a form of treasury; an investment, which is backed twice-over by the collateral, with interest rates sitting at two to four times more than bank deposits in even the most client-oriented establishments and developed countries.
All the lender’s funds are backed in a 2:1 ratio, deposited to a separate fund in order to be able to issue loans right away, and ensuring the quickest interest rate return possible. Depending on whether the user holds IMT, the MoneyToken token, they’re looking at anywhere from 6.5% to 8% interest per annum.
If you’d like to deposit crypto as a lender, your options currently are Tether (USDT), Circle (USDC), which has MoneyToken listed as one of their partners in the first wave of adoption, and TrueUSD – all the most popular stable coins on the market.
Lender Registration is available right now, by filling in the application form on the MoneyToken platform website.
If you’re looking to turn your passive stablecoins into an active source of income this might just be the moment.
Join the MoneyToken Lender’s program here –
Contact Email Address
james.hendersonmt@gmail.com
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A survey by Luno, a London-based cryptocurrency platform, has revealed that a growing number of people in South Africa prefer holding cryptocurrencies such as bitcoin and bitcoin cash rather than the local fiat unit, the rand. About 70 percent of South Africans have heard about virtual currencies, and most people have been using them as a hedge against inflation and exchange volatility, the report said.
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Major Monetary Shift
The , “Why do people buy cryptocurrencies? A South African perspective,” was conducted by Kantar TNS on behalf of Luno in October. It covered 10 countries, including South Africa, with a sample of around 1,000 people in each country. The report found that 69 percent of South African respondents are familiar with cryptocurrency, while one-third own digital assets and 53 percent are interested in buying them. More than 80 percent of the respondents that own digital coins view them as investments, while 23 percent have used cryptocurrencies for online transactions. Only 12 percent of the respondents said they have used cryptocurrencies for cash transfers to friends and family.
The findings follow a tumultuous year for the South African rand, which has fallen by more than 20 percent against the dollar this year. The recent volatility has partly been a response to the appointment of a record four finance ministers over the past two years, as well as news that Africa’s most sophisticated economy has slumped into recession.
As a result, a large number of investors have turned to alternative investment options such as bonds and virtual currencies. According to Luno, 40 percent of the survey participants agreed that digital assets are a safe investment option, while 61 percent described them as profitable. Around 74 percent said they would like to pay with cryptocurrencies in online stores and brick-and-mortar shops.
Marius Reitz, Luno country manager for South Africa, said the world is currently going through a major shift in the evolution of money:
The existing financial system was built for a non-digital age but the world now has access to new technologies like decentralized cryptocurrencies. This is enabling us to reimagine the financial system and to upgrade the world to something better.
Gender, Age Divide
The survey, which offers insight into the psyche of the cryptocurrency community, revealed that the uptake of virtual currencies has been marginally higher among younger South Africans. But overall, age has not proven to be a significant differentiator. This challenges the common perception of younger consumers being more digitally adept and willing to take on greater financial risk.
Results from the survey, which had an even male to female ratio in the sample, revealed that gender is a significant matter. Fewer women own cryptocurrencies or are familiar with them than men. The results are in line with the gender split seen in conventional investing, where the participation of women also tends to be lower than men.
A recent study conducted by Nelson Mandela University found that women tend to be less confident about financial and investment matters, according to the report.
It is possible that this same trend from conventional investing is exhibiting itself in cryptocurrencies. This means that to increase participation by women in cryptocurrency, it should simply require that women become as familiar with the technology as men.
In addition, 48 percent of South Africans said that they are concerned about losing money when using cryptocurrencies, mainly due to phishing scams or transaction errors. Other security concerns revolve around the availability of trusted suppliers of cryptocurrency. Greater stability in the price of cryptocurrencies was only the third-highest factor affecting confidence among South African survey respondents.
Emerging Markets
The findings of the Luno report also suggest, and possibly confirm, that the cryptocurrency revolution has had a significant impact on emerging markets. Despite considerable price volatility, respondents from South Africa, Indonesia and Malaysia have reported higher levels of familiarity with cryptocurrencies, as well as ownership of them, than individuals in European markets. In Europe, people stated that they do not have enough knowledge or access to information to feel secure about buying or using digital coins. But in South Africa, Indonesia and Malaysia, this hasn’t been a big issue; rather, people said that they are confident about buying cryptocurrencies, as they feel they have access to enough information.
What do you think about cryptocurrency adoption in South Africa? Let us know in the comments section below.
Images courtesy of Shutterstock
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