One free withdrawal per month for ETH and ERC-20 tokens
This month, CoinLoan is temporarily adjusting its withdrawal policy. The measure will only apply to withdrawals of crypto issued on the Ethereum blockchain — that is, ETH and ERC-20 tokens.
Here are the key things to know:
- Every user will be entitled to one free withdrawal of ETH or one type of ERC-20 token, including CLT, per month.
- Every subsequent withdrawal will entail a fee in the withdrawal currency depending on the asset.
- This measure will not affect other crypto or fiat currencies on CoinLoan.
- The change will take effect on April 9, 2022.
Why are we doing this?
As the shift to ETH 2.0 is still in progress, overload on the Ethereum blockchain is causing gas fees to soar. These inefficiencies affect all stakeholders — both businesses and individuals. Cost-related decisions are never easy, particularly for client-oriented companies like CoinLoan. Despite our best efforts to avoid these changes, they have become inevitable.
There is an upside
We expect the impact on user experience to be modest.
- CoinLoan will still allow one free withdrawal of ETH or one type of ERC-20 asset per month.
- According to our research of user behavior analytics, monthly withdrawals are exactly what most CoinLoaners prefer.
- Our team is closely monitoring Ethereum's gas fees as we hope to reverse the change in the future. We are also working on integrating Binance Smart Chain (BSC) as a cost-effective alternative for ETH and ERC-20 transfers.
- In the present conditions, withdrawal fees will enable us to pay a higher gas price to accelerate transaction confirmation on the blockchain network.
In the meantime…
Users who keep ETH and ERC-20 tokens on CoinLoan have many opportunities to make them work:
- Our Interest Account brings up to 7.2% APY on ETH and up to 12.3% on ERC-20 tokens like USDT (including +2% effect from CLT Staking)!
- By swapping your ETH or ERC-20 tokens for different crypto or fiat on the CoinLoan Exchange, you can benefit from competitive rates and enjoy no withdrawal fees for other assets.
- Use your ETH or ERC-20 tokens as collateral for Instant Loans without credit checks, additional documents, or early repayment penalties.
If you have any additional questions on the topic, please don’t hesitate to reach out to our support team at firstname.lastname@example.org — we will be happy to assist. Stay tuned!