Product

Bobbob's interest rate is changing

November 24, 2022
By
Bobbob Team

We’ve been monitoring the current situation affecting the world markets, crypto markets and more specifically, Genesis and DCG, extremely closely.

Luno (our Lending Partner) has committed to continue paying interest and maintaining access to USDC on their platform, however, in line with market conditions and the rising interest rates offered by banks, we will temporarily pause using Luno as a Lending Partner.

This means that from 1 December 2022, the Bobbob Account will reduce to a 0% (zero) rate.

If we find an appropriate Lending Partner before this time, we will inform all customers of the new Lending Partner, as well as the new rates applicable to the Lending Partner.

What this means for you

◦ Your funds are safe,

◦ From 1 December, your funds and new deposits will not earn interest,

◦ You can choose to:

    • Hold your funds as an investment, without interest,

    • Withdraw your funds into A$ at any point, and can withdraw your interest for November on or after 1 December,

    • Transfer your funds into Bitcoin or Ethereum (please remember to Supercharge your app to do so)

New product features

On the same day, 1 December 2022, we will also be launching an updated Salary in Crypto product, as well as additional crypto assets to invest in, so you will be able to invest in a host of new crypto assets on Bobbob.

Salary in Crypto

Right now, our Salary product allows you to earn your salary in only one crypto.

We plan to launch the ability for customers to earn a percentage of their salary in up to 5 different crypto assets. EG: you earn A$2000 a fortnight and want 20% to be earned in crypto, broken up into 10% in Bitcoin, 5% in Ethereum and 5% in USDC.

Please email support@bobbob.co with any questions or queries.

Take Care

The Bobbob Team

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