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❕NEWS South Africa's Luno Wallet to offer interest at a high risk

AudraMiller

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One of the most prominent cryptocurrency wallets in the country of South Africa is the use of the Luno wallet. Whilst this wallet has provided many users with excellent service in the past, and has been given good reviews, the company is now looking to expand their user base by offering interest to the crypto balances of those that use their wallets.

whilst at a first glance this seems like an amazing idea, one needs to consider the risk involved here. First of all, the company aims to include a 4% per annum interest rate. In order for this interest though, the user gives their crypto to the company who then lends out that crypto to other users who need it at an interest rate. This lending process is extremely risky and there is a chance that the person to whom it is lent to may not pay it back and it could result in total loss of your wallet funds.

Is it it really worth it to go through so much of a risk for just 4% per annum? What are your thoughts?
 

Niftyicon

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If there are any risks at all, Luno should be the one bearing them, not those who kept their coins for saving. Also, I am doubly sure that Luno would have put all the probable complications on the table before taking this step.
 

AudraMiller

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If there are any risks at all, Luno should be the one bearing them, not those who kept their coins for saving. Also, I am doubly sure that Luno would have put all the probable complications on the table before taking this step.
That is my thinking as well. A reputable wallet like luno should be the one taking the risk, but i think that they will declare this is lending to their clients and then pass the risk onto them. very risky in my opinion.
 

ELSA-ELI

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Are you sure this is verified,luno has a very huge market base and more africa in particular the company is getting a massive customer base.Now in terms of hodling your crypto for an interest is more less lke the banking system where you Can invest your money and get a profit.Now why should it be at a risky?
 

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That is my thinking as well. A reputable wallet like luno should be the one taking the risk, but i think that they will declare this is lending to their clients and then pass the risk onto them. very risky in my opinion.
I don't think it could be that way. Why would the risk be passed on since they are taking the decision to lend out funds and whom to lend it out to. If anything goes wrong, it could lead to disrepute.
 

AudraMiller

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I don't think it could be that way. Why would the risk be passed on since they are taking the decision to lend out funds and whom to lend it out to. If anything goes wrong, it could lead to disrepute.
I think a lot of people will probably not opt for that option with the interest if it comes at such a great risk. I agree with you though. The risk should fall on the company, otherwise people will be more and more skeptical of using that company.
 

a_jerobon

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That is a great risk to take for just a 4℅ per annum interest rate. You might loose your crypto currencies. I also think that the wallet should be responsible for those losses as they are the ones who initiated it in the first place.
 

Josemendez

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One of the most prominent cryptocurrency wallets in the country of South Africa is the use of the Luno wallet. Whilst this wallet has provided many users with excellent service in the past, and has been given good reviews, the company is now looking to expand their user base by offering interest to the crypto balances of those that use their wallets.

whilst at a first glance this seems like an amazing idea, one needs to consider the risk involved here. First of all, the company aims to include a 4% per annum interest rate. In order for this interest though, the user gives their crypto to the company who then lends out that crypto to other users who need it at an interest rate. This lending process is extremely risky and there is a chance that the person to whom it is lent to may not pay it back and it could result in total loss of your wallet funds.

Is it it really worth it to go through so much of a risk for just 4% per annum? What are your thoughts?
Not at all because Luno will not just lend out the crypto without a collateral or something to back it up and even when the person fails to return the loan . Luno will pay back the person and bears the loss themselves
 

Brain

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This is like a business that one really should weigh the pros and cons before indulging. But this is really risky though and one needs to be careful before using the wallet
 

bitforex22

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Perfect money offers 4% per annum as well and is more older and popular brand than luno I think binance is good option to invest as well 4% is not very high profit sharing
 

ELSA-ELI

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Perfect money offers 4% per annum as well and is more older and popular brand than luno I think binance is good option to invest as well 4% is not very high profit sharing
I absolutely was not aware of this feature by perfect money,i will explore this feature and it would not hurt to invest a little bit of some das if i have for the interest thst it will accumulates.What happens when you withdraw earlier do you incur a charge as a penalty.
 

bitforex22

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Perfect money adds 0.33% to the minimum monthly balance of your account if your account had100$ min in December you will get 33 cents for it
 

sagefave

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Unless luno is acting as a middle man between the borrowers and the crypto owners who decide to lend out their coins, t shouldn't be a risky investment. As far as I know uno is not a peer to peer platform so the probability of them acting as middle man is nonexistent. I doubt there is a risk to investors
 

GoldenLady

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They've proven to be trustworthy, so it won't be a bad idea. It's just that I won't do it with any more money than I can bear loosing.

But if I can get a business that can give me better than 4%, I would rather do it.
 
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