Blog Partnership FET and MyConstant: Joining Forces

FET and MyConstant: Joining Forces

date January 11, 2022 time 4 min read 237 views

As we continue to increase our product offerings and give you new ways to utilize or even borrow against your crypto, we’ve been adding to our ever-growing list of partners. Yet, we choose our new partners carefully as we seek to grow our numbers and work with high-quality platforms that benefit investors and borrowers.

And our latest crypto partner fits the bill: Fetch.ai (FET).

We are thrilled to be working with FET and its platform, based in Cambridge, UK. Known as “Silicon Fen,” Cambridge has become a leading tech hub, with many new and established tech companies choosing the area as a base. Microsoft, for example, has its Research Lab in the heart of the city. 

This is all relevant because of what Fetch does.

Introducing Fetch

Fetch.ai, a Cambridge-based artificial intelligence lab, is building the infrastructure required for autonomous software agents to begin performing useful economic work on behalf of individuals, machines, businesses, and organizations. Based around open-source technology, Fetch.ai aims to give its users access to the power of AI on a world-scale secure dataset to carry out complex coordination tasks in the modern economy. 

The Autonomous Economic Agents (AEA) framework is a development suite for the creation of software that can act independently of constant user input and autonomously execute actions on behalf of the user to achieve a prescribed goal. 

AEAs interact via a peer-to-peer (P2P) network, use a distributed search and discovery system and natively integrate with Web 3.0 technologies for access to a financial settlement and commitment layer. 

The framework is Open Source and allows for extension to incorporate different blockchain and AI technologies. The AEA framework is currently the only agent development suite targeting a fully decentralized environment.

Partnership with MyConstant

We’ve supported FET for several months already, and we’re so excited to be upscaling our relationship with the platform. We believe it has an exciting future, which is one of the reasons we’re now offering a series of special offers for FET hodlers.

Free loans with MyConstant

If you have FET in your portfolio and want quick access to USD or to purchase more crypto, you can use FET to borrow more cash on MyConstant – for free!

The special offer applies only for first-time users to the 30-day loans, where you can use your FET as collateral to borrow money at 0% APR. To take advantage of this interest-free loan, be sure to hit the link below:

https://www.myconstant.com/sign-up-borrow/?l=fet2021

You’ll need to move quickly – the special offer is only valid from January 10 to January 17 (PST.

This partnership is more than just about special offers.

We’re looking forward to a long-term partnership that enables you to fully realize the potential of your FET holdings.

Using FET on MyConstant

MyConstant is a leading crypto-backed lending platform that offers an ever-increasing number of ways for you to invest and borrow. Here are just some of the highlights:

Crypto-backed Loans

A core product of our platform, Crypto-backed Loans, gives you the chance to liquify your crypto assets. You can borrow by using your FET as collateral, bypassing the need for any credit checks or good credit scores.

We ask for 150% of the loan value in crypto as collateral – in your case FET or any other crypto you may hold. This covers us for two potential events:

  1. Potential defaults: If you cannot repay the loan for whatever reason, we can use your crypto assets to pay back the lender with any interest earned.
  2. Market movements: As we all know, the crypto market moves quickly. By taking 150% as collateral, we can cover these market movements. If the collateral value falls below 110% of your loan, we have to sell the collateral to ensure we can pay back the lender. You have the opportunity to top-up your collateral to cover such events.

As ever, we always suggest you only borrow what you can afford to pay back. The rates for the loans vary depending on the length of your term. (Apart from the special offer above!)

LengthAPR
30 days6%
90 days6.5%
180 days7%

And be aware that there’s a 3.5% matching fee for all loans.

Institutional Loans

As a company or large organization, you will be looking for a fully customized solution for your needs. At MyConstant, we offer a bespoke service through our Institutional Loans product, where you can get in touch with our team and discuss your requirements.

We’re proud to have supported many large companies, and we’d be delighted to partner with you if your needs match with what we can provide.

Crypto Swaps

The new kid on the MyConstant block is Crypto Swaps, an exchange where you can swap your FET for any other crypto instantly. With a small fee of just 0.1%, you can take advantage of market movements cheaply and quickly. 

We’ve been blown away by the take-up on this product, and we’re excited to see how you will use it. It gives you that extra level of flexibility needed to ensure you can profit or limit your losses from market movements.

Futures

Our Futures product has been popular with our customers who seek something a little different. It allows you to profit from making predictions on crypto prices, whether they go up or down. You just need to make the right call!

Here’s how it works:

You can put up USD as collateral with MyConstant, and predict how your crypto will go. MyConstant then buys your selected crypto at the latest market price.

And there’s a bonus. We’ll buy it using 50x leverage – which means we buy crypto worth 50 times your USD collateral.

The next stage depends on price movements. If the crypto moves 3% in the direction you predicted, your position will automatically close, and you will make a profit of 150%. 

However, if it moves the other way by 2%, we automatically close the position, and you will lose your collateral. 

The fee is 0.2% of your total leveraged position. This means that if you have a $10 position, we charge 0.2% of ($10 x 50). So it becomes 0.2% of 500, which equals $1.

It’s important to note that this product is only available to non-US citizens. Once again, we also advise that you only put up what you can afford to lose.

Partnering to build an AI future

There’s little doubt that AI and machine learning will do much to shape the next decade and beyond. What Fetch is doing is truly exciting – combining the power of AI with blockchain. At MyConstant, we want to work with groundbreaking projects and that’s exactly what Fetch is.

By buying FET, you’re also taking part in this project and helping to shape our future. We can’t wait to see where this partnership takes us!

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George Schooling

George Schooling

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