For 2022, the winter came early and stayed longer than we anticipated. Haru Invest team is proud to let our community members know that we have grown much bigger and stronger in the times of crypto winter.
In case you have missed it, we have lead a Series A investment round for a Canadian crypto mining company Pow.re, partnered with CoinTracking to help our members file crypto taxes with ease. And Hugo’s insight has been published on The Block.
Without a further ado, continue reading for our February AMA highlights from our official Reddit community.
- For February AMA, Hugo and the Haru Invest team answered r/HaruInvest members’ questions about the services and future updates
- To communicate more often with our community members, we plan on doing an AMA every month! We can’t wait to share what’s in store for this year.
Due to a large volume of questions, we were not able to cover all of the questions that were asked but all the questions have been passed along to the team. Don’t worry if your comment went unnoticed. We noticed and appreciate your participation!
Crypto Regulations and Compliance
Q. What is the current progress with regulations compliance for Haru Invest?
Legal: We are actively engaging with a number of regulators in different jurisdictions, including Korea, EU and other places, to secure relevant licenses and registrations and the discussion and review is still on-going. Please bear with us that any regulatory compliance is a long and time-consuming process as any government liaison process is quite complicated in usual circumstance let alone crypto license as you could imagine.
Nonetheless, we believe we are on the right track to secure reliable licenses within the near future so that we can be more transparent with regulators as well as with our users eventually.
Q. How has Haru been able to obtain licenses to successfully operate in the US when other crypto platforms have been denied?
Legal: The recent U.S regulatory crackdown on crypto industry may also impact us to a certain extent as far as the U.S users are concerned, and we are closely monitoring this.
Our Business and Earn Rates
Q. The recent trajectory of Earn Plus earn rates has been downward. Can Haru Invest explain what the outlook is for this going forward, especially as Earn Explore rates have been going in the opposite direction?
Hugo: First, users should know that Earn Explore products can result in negative earn rates depending on the market situation.
Earn Explore earn rates dropped right after the FTX collapse. Shortly after that, we were able to gain back stability in running assets and depending on the recovery speed, you should see better rates.
On the other hand, Earn Plus products start based on highly conservative strategies. Therefore resulting in earn rates drop. Keep in mind that we use different strategies to provide profit for our Earn Explore products and Earn Plus products.
Q. What is your strategy if the derivative markets are closed and only the spot market remains?
Hugo: When all derivatives exchanges shut down, it’s the same as imagining all crypto exchanges closing down. I don’t see the point in imagining this happening, but if all crypto exchanges close down, we cannot perform algorithmic trading.
Just like if all stock markets are shut down, you won’t be able to invest in stocks.
If all derivatives exchanges close down, most of our asset management strategies will lose effect and our asset managing capacity will become reduced. This will obviously result in earn rates drop.
Q. How are you monitoring potential exchange instability?
Legal: Exchange instability is monitored daily and managed under our risk management guide. Our managed assets can be instantly pulled from the exchanges depending on the anomaly detection.
We can’t assert that our risk control is risk-free, but as least it has been proved as risk-adverse and market-sensitive over the past few years, especially considering those incidents we all have gone through.
Q. Does Haru Invest utilize also decentralized exchanges, or only centralized ones? What is your backup strategy if the centralized exchanges are closed due to new regulations?
Hugo: We only use centralized exchanges with verified track records and sufficient trade volumes to implement our trading strategies.
Q. How will Haru invest not end up like Hodlnaut or FTX?
Hugo: Haru Invest does not have its native token or run native token assets from other exchanges. We do not lend out our assets. This is the biggest difference between us and Hodlnaut, FTX. This provides us stability for managing assets.
Haru Invest Updates
Q. What are your plans regarding the referral program?
Community Manager: We’re very well aware that our users are waiting for the referral program to come back. Please take note that we’re waiting for the right timing but will pass along that our users are waiting for it to come back!
Q. What is the purpose of these Freeze “badges”?
Community Manager: For entertainment purposes right now. We hope you enjoy your badges and continue to collect more as we go along in the crypto journey! We could add more features for the badges in the future! Think of it as an achievement and share with your friends.
Please enjoy your badge and stay updated for future add-ons!
Q. What are some new exciting things you are working on for the future?
Community Manager: Not sure if you have watched Hugo’s interview with CryptoSlate but look forward to something community related! Watch interview here: https://youtu.be/bFQbnLRkh8c
Our Community Voice Matters
Q. Tell or prove to me that you are different and it will not end in a scam, rug pull or bankruptcy like other businesses
Community Manager: I feel you when it comes to collapses and fails. We cannot prove what you’re asking, but we can tell you that ever since our launch in 2019, we have had zero withdrawal halts nor any other issues that have blocked our users from pulling out.
Trust is a tricky thing, and it’s something that our team should work on with our community members for a stronger relationship.
And to add, the services you have mentioned were exchanges, which we are not. Some were big lenders, and we do NOT lend out our assets.
Q. Does Haru Invest provide bounty or any other incentive to users for informing Haru Invest of specific arbitrage trading opportunities?
Hugo: We give out rewards related to service errors, but it all depends on what it’s about. For now we don’t have any incentives related to asset management tips. However, share us your ideas anytime, and we will be more than happy to review your insight and take the time to share any good outcomes from it.
Q. For USDT Haru Earn Explore, I see the lock up time is one month. If we want to go longer, do we have to manually reinvest or will it do it automatically?
Community Manager: For our Haru Earn Explore products, you can manually re-invest or turn on the auto-renewal option for it to automatically renew itself.
Q. What would you say to ease the mind of nervous investors like me?
Hugo: We survived the unbelievable market in 2022. Hope this will help ease your mind. Follow us.
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