Although some saw cryptocurrencies as an alternative to traditional banks, it’s fair to say that blockchain-based financial platforms have learned a lot from banks. Some of these crypto brands baldly call themselves decentralized banking systems. One of the noteworthy fresh brands offering cryptocurrency-based banking services is HEXN. The project positions itself as a crypto lending platform. HEXN supports earning via holding coins (APY can reach up to 22%) and an innovative advance payment system. More features will be added soon. Read this article to learn what HEXN is and how you can benefit from using this platform.
- What Is HEXN?
- Investment and Advance Payment System
- HEXN vs. Cloud Mining
- Other Features
- Security Features
- Conclusion
What Is HEXN?
HEXN is a cryptocurrency lending platform supporting nearly 50 cryptocurrencies. The platform was launched in 2022. Unlike platforms that allow staking PoS-based tokens, HEXN allows earning via locking any supported cryptocurrencies, including likes of Bitcoin and other coins that are not subjected to staking.
HEXN introduces banking features to people who are better accustomed to cryptocurrency and vice versa. Those who believe in the power of cryptocurrencies and decentralization and pay little attention to more traditional financial institutions can easily try out features normally provided by banks without leaving the comfort zone of the crypto space. At the same time, those who have already tried banking lending and investing services can get experience in cryptocurrency via the similar functionality offered on HEXN.
The list of supported cryptocurrencies includes stablecoins. It makes investments less risky. Those who don't mind depositing fiat money to earn on the interest rate can try doing the same with stablecoins without fear of adverse effects associated with the volatility of crypto currencies not pegged to fiat currencies.
The HEXN app is already available on Google Play. The modern and convenient mobile app for iOS-based devices will be released in early 2023.
Investment and Advance Payment System
Some might argue that simply holding crypto is enough to profit from it. But imagine making double profit - from both the weekly yield payouts AND crypto growing.
HEXN provides several plans for investments. They differ in duration and profitability. Please note that the yield might fluctuate. As of December 2022, there are five plans:
- The 30-day plan (15% APY)
- The 60-day plan (16% APY)
- The 90-day plan (17% APY)
- The 356-day plan (20% APY)
- The 730-day plan (22% APY)
What makes the HEXN approach special is that you get an advance payment as soon as you deposit money to a savings account, choosing the highest interest rate.
Please note that you should make sure that Advance Payment is available for the selected asset. If in the Savings list, the asset is marked with a special green and white badge, then it is a part of the Advance Payment system.
As soon as you set the parameters of your investment (duration and amount), the advance payment amount will be displayed in the same pop-up window before you click Next. You'll get payments for the first 30 days instantly. After passing the 30 days, the subsequent payouts are sent weekly. It's important to stress that the market conditions don't affect the APY rate.
HEXN vs. Cloud Mining
Some can say that cloud mining platforms offer BTC investment with APY, too. It's true, but HEXN's approach is much more transparent and straightforward than the conditions on cloud mining operations. Cloud mining platforms offer to exchange considerable amounts of BTC or other cryptos not associated with staking (allegedly for renting some mining hashpower) and enjoy daily revenue based on mining. Both HEXN and cloud mining operations suppose the investment made in exchange for regular smaller payouts in the future.
Unfortunately, many of these platforms are pretty dubious. Not all of them could have proved that they actually have mining farms. Often, the payout amount is subject to changes depending on unclear factors. Some platforms stopped mining contracts before the estimated end date, effectively making investments unprofitable and causing losses.
Unlike most cloud mining operations, HEXN is transparent and trustworthy. The company discloses its reserves so you can decide if you are eager to invest your money there. To avoid inefficient investments, HEXN doesn't make allocations using low-liquid counterparties and doesn't list assets with low trading volume. It indemnifies HEXN and its users from the FTX exchange scenario.
The HEXN service doesn't have slippery points like a maintenance fee, the possibility of abrupt cease of payouts, mining hashrate fluctuations, etc. The platform's conditions are more precise and better reminiscent of something a bank could have offered but in cryptocurrency. When banks and traditional assets can be subjected to limitations due to regulators' activity, cryptocurrencies depend solely on market laws.
Other Features
Other features include asset management and, more notably, assistance in evaluating risks associated with debt management.
Now, let's speak about the features yet to be activated as of late 2022 (please remember that the platform was launched not long ago). One of the crucial planned features is Smart Exchange. This service allows instant exchange of cryptocurrencies which is not something rare. But the more exciting thing is that Smart Exchange can convert stablecoins and other cryptocurrencies to fiat money.
Other notable features that will be added soon include loans service and trading bots. Trading bots are a popular feature that allows you to set automated trading strategies, and your bots will strictly follow them while you can do something else. Trading bots are handy as they are not prone to fear and greed, they never lose focus and can trade at high speed. If the market conditions change or you have noticed that you can improve the profitability of your bots, you can always tweak the settings.
Security Features
Hackers target accounts of cryptocurrency platforms daily. They access users' wallets and steal their money. On HEXN, you can protect access to their accounts by activating 2-factor authentication. You can quickly terminate any session if you detect suspicious activity on your account.
Hackers may try to get your credentials by mimicking a legit entity and sending you a phishing code. To prevent this, HEXN allows you to activate an anti-phishing code that will be automatically embedded in all correspondence with real HEXN representatives. Reacting to emails or messages without this code is dangerous. All correspondence that has this code is safe and authentic.
Conclusion
HEXN is a young yet ambitious project with a clear goal. It strives to introduce banking features to crypto enthusiasts and let crypto skeptics get their first positive experience with cryptocurrency operations. So, it's a win-win situation where both groups of users enrich their experience without much hassle.
Apart from this mission, HEXN is a handy and modern tool for getting all sorts of passive income, a much-needed instrument in the shaky economy of the 2020s. If you are looking for an innovative and robust platform for earning through crypto investing, HEXN would be a decent choice. Give it a spin!