SBD just hit $18 USD - lock in your gains now with SBBank!
SBBank would like to announce that we will be taking USD denominated deposits via SBD transfer. A single SBD is currently fetching 13 USD, down from more than 18 USD earlier in the session. Our USD demoninated deposit service will allow Steemians to lock in those gains and hedge against further volatility.
When you convert your SBD to a USD deposit with SBBank, you will lock in your unrealized gains in US Dollar terms. You can also partially hedge against further SBDUSD volatility by sending us an appropriate portion of your SBD holdings. For example if you had 10 000 SBD, you could lock in the gains on $5000 SBD, whilst retaining exposure on the other half.
After you have made a deposit by transferring SBD to @SBBank, you will receive a confirmation transaction to your Steem account advising you that we have received your deposit. Once we have converted your deposit to USD, you will receive a further transaction confirmation advising you of the USD value of your deposit, the date it will mature and the amount of interest you will receive back on top of your principal.
Note that this process will be handled manually, so please be patient - our priority will be getting you the best possible exchange rate on your SBD to USD conversion.
If you have any questions, please drop in to the SBBank discord server and tag one of the team.
Deposit Rates
- 0200-0999 USD - 10.42% per annum (0.83% per calendar month)
- 1000-2499 USD - 11.48% per annum (0.91% per calendar month)
- 2500-5000 USD - 12.68% per annum (1% per calendar month)
Deposits exceeding 5000 USD will be paid 14.02% per annum (1.1% per calendar month).
Deposit Process
- Go to your wallet page, click on your SBD balance and select transfer
- Enter sbbank in the "To" field
- Enter the amount of SBD you'd like to deposit
- Enter the number of months you'd like to deposit for in the memo field
- Click "Submit" and enter your account's active key to complete your deposit
- You will receive a confirmation transaction back advising we have received your SBD
- You will receive a further confirmation transaction advising you of the the USD value of your deposit, date of maturity and interest due
At maturity, depositors can choose to either renew their deposit for another term, or withdraw the USD value in Steem, SBD, Tether or any other liquid cryptocurrency. For security reasons, you will have to prove Steem active key permissions for withdrawals outside of the Steem network.
Our Goal
Rather than an end in itself, SBBank is intended as a proof-of-concept for a substantially larger operation. Though our revenue model is more than sound, this venture would require vast amounts of capital to make it truly worthwhile. In the event that SBBank conducts an initial coin offering at some point in the future, SBBank depositors and the Steem community will be offered advantageous pricing and the right of first refusal.
Want to know more?
SBBank is owned and operated by @Bulleth, @Scaredycatguide, @nolnocluap and @techblogger. We are a team of forex, crypto and equity traders with decades of combined experience in the financial markets. Feel free to reach out to any of us on the SBBank Discord Server if you have any questions.
I would love to but poloniex has my SBD and won't reveal it!! omg
Damn we used Polo the other day when trex was down and everything was OK.
Polo scares me after all the SBD issues last year with funds being locked up for months. I've just avoided them. Bittrex never failed me.
Well they possibly cash them all out at the high for Bitcoin and pay them back whenever they are worth a dollar again who knows 😂
Amazing rise and great for the platform as more people start to checkout steemit :)
How do you plan to make the money needed to pay the interest? If you’re investing the money how do you plan to insure you can cover losses if they occur? Between every account listed you have under 20,000 Steem, which is a lot but not enough. Not to be harsh but crypto has had a lot of issues with investments like this turning bad
Our fund has a very low risk profile, we haven't had a single losing day since inception in early November:
Personal Steem balances aside, the fund has another 10K AUM + ~7K of company equity :)
The markets been going up recently so I wouldn’t doubt that, but how are you diversifying? Stocks, bonds, crypto, etc? Also if a recession is to occur how insulated are you? A 10% rate is hard to garentee without extra cash or at least a years track record.
I get it’s annoying to answer these questions but it’s important information for any potential investors.
Not at all, understand completely. Unfortunately we can't divulge too much regarding specific investment strategies. SBBank funds are deployed in our lowest risk strategy which centres around short-term collateralized debt. SBBfunds aren't used to speculate in crypto, forex or equity markets.
We have set fixed rates low enough to ensure we can meet them comfortably - feel free to drop in to the discord server and have a chat with @bulleth if you have any more questions :)
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Cool initiative
It is good news :)
it means 1SBD= 18 USD?????????
Right now they are at 11.60 - it is very volatile
What if one want to take back their funds in middle?
Hi @libert, we'd prefer not to process premature withdrawals - especially not for smaller amounts. We incur significant costs converting and deploying funds and if a deposit is not allowed to mature, we might not recover those costs. On the other hand, we're not interested in preventing customers from accessing their own money - if you require an urgent withdrawal for whatever reason, just reach out to one of the team :)
how can I withdraw from sbbank?I'd like to know more detail about that.and where could I check my deposit balance.if I deposit in sbbank,then I can't see the money,that will makes me a little nervous.
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