Company Announcements

INLOCK introduces Savings Account product

BUDAPEST, Hungary, Oct. 6, 2020 /PRNewswire/ -- It is difficult today to find a market analyst who would not expect a return of near-zero yield prospects for traditional bank savings in the long run. Adding to the growing outlook for inflation, and the continuous undervaluation of the currencies of more economically vulnerable regions, INLOCK's offer is particularly noteworthy.

For the time being, saving accounts are rarely found in the range of fintech solutions - that is why it is worth getting to know INLOCK's solution, which can yield up to 10% a year. INLOCK is a solution for those who want to obtain significantly higher interest rates in addition to the capital guarantee of bank deposits and bonds, without having to assume the risks of the stock or foreign exchange markets.

INLOCK business model

INLOCK's business model is simple. The platform generates promised interest through institutional lending, where virtual currencies deposited by customers are used by exchanges, OTC desks, and venture capital funds to manage their own short-term liquidity needs. For the flexibility and speed of the service, these people are willing to pay high-interest rates. With nearly 10,000 customers and the handled virtual currencies totalling $7 million, INLOCK's business model has now clearly demonstrated its operability.

The question is: How can the lender enforce the repayment obligation to the borrower? INLOCK uses collateral protection insurance similar to mortgages. The borrowers have to deposit collateral that is quickly liquidated and over-insured in value, which guarantees that the loan will be repaid.

In addition to business risks, the technological risk is just as important in the case of similar fintech solutions. There are also risks of fraud and other cybersecurity incidents for digital financial products. Against these threats, INLOCK has a unique institutional insurance plan through its service partner, which has the industry's most serious safety certificate (SOC 2 Type II) audited by Ernst & Young.

Daily interest, weekly payment

In addition to high-interest rates and guarantees, customers also choose INLOCK because its use does not involve any commitment. Interest is credited daily and paid weekly, there is no lower limit on the amount that can be deposited in the Savings Account. You can try it out with any small amount, or you can withdraw the money together with the realized interest anytime. All without any hidden costs! The interest paid weekly is immediately credited to the capital, so from the next day, it will continue to bear interest.

Thanks to the stable coin products tied to the U.S. dollar and gold, virtual currencies that are also utilized as investments on the INLOCK platform, such as the very popular Bitcoin or the emerging Ethereum, can be used.

The INLOCK platform places great emphasis on ensuring that its solution perfectly meets regulatory requirements. That is why the service was one of the first to be registered and approved by the financial information supervision when the requirements are appeared in Hungary at the end of 2019. With its certificate issued by the independent auditor, INLOCK platform can perform savings account service with online customer identification.

How easy is it to get virtual currencies these days?

Thanks to the supervisory practice developed for virtual currencies in specific regions, anyone can now exchange cryptocurrencies without having to obtain it from an uncertain source. There are already more than 10000 so-called "crypto-ATMs" operating around the World and anyone can found regulated online exchange as well.

INLOCK's Savings Account is popular with those who are just new to virtual currencies, as they can work off switching costs in a few months, regardless of the source or provider from which they would get their virtual currencies.

Gold-linked PAXG and USDC product linked to the US dollar are popular with costumers. For both products, there is indeed a physical deposit behind the stable coin, which is verified by the service providers with a regular monthly audit.

The first steps

The INLOCK: Crypto Savings Account mobile application can be downloaded for Android and iOS. It can be used immediately after the simple registration! If you have any questions, INLOCK's team will be happy to help you through electronic channels.

What do you need to know about virtual currencies?

Virtual currencies do not have the status of legal tender and are not issued or guaranteed by a central bank or other public authority. Virtual currencies can be stored electronically and whose exchange value is accepted and can be easily transferred and are therefore suitable for electronic trading.

The most popular and widely known virtual currency is Bitcoin, a 12-years-old fully autonomous, decentralized means of payment.

In addition to Bitcoin, there are tens of thousands of similar so-called coins or tokens on the market, most of which, however, do not meet the definition of virtual currency. The operator of the INLOCK platform examines the virtual payment instruments available in the Saving Accounts with great care, which has made a dozen virtual currencies available to INLOCK customers to date. These supported assets have a genuine background and insurance - i.e. real value creation activity, in which light they are recommended to the customers.

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SOURCE INLOCK