We are excited to announce the following changes to our platform. While some came as a direct consequence of the merge of Swaap and Nova Bank, some were implemented to enhance our user experience and bring you an even greater platform.
Added Support for Tether (USDT)
Tether (USDT) now will be used in the core of our fees structure and overall fintech platform. All fess will now be charged in USDT and direct conversion from/to USD will be supported.
Swaap Stablecoin (SAP) Support Removed. Balances converted to Tether (USDT).
As Tether (USDT) will now be our stablecoin of choice, we have decided to suspend all support to Swaap Stablecoin (SAP). We have great commitment and appreciation for our clients, and we made the decision to instead of simply ending support to the coin, to convert all SAP balances to USDT, and we will front all liquidity needed for that.
As a result of the conversion, you will see all your past transactions in SAP rewritten in USDT, including interest payments, loan balances outstanding, etc.
Swaap Governance (SAPG) w/ Limited Support.
We have suspended all transactions for SAPG, and users are only allowed to withdraw from now on. The limited support will stay in place for one month, until 20/09/2021, and we will reassess after that to decide if we will fully suspend support or further extend the deadline for users to withdraw.
Crypto Loans Reestablished. Interest slashed.
We have reestablished our crypto loan scheme, and have slashed interest by more than 40% and reduced CLR by 12.5% and increased the LCR by 30%. All to offer you even more advantages while using our services.
Fee Schedule Revised.
We had to rewrite our fee schedule to accommodate the suspended support for Swaap Stablecoin (SAP). Most of our fees have been reduced, and our scheduled simplified, to offer users more accurate and clear information on what they are paying while using our platform.
Staking Suspended for SAP and SAPG. Staking Added for USDT.
You will no longer have a SAP balance, therefore no staking will be possible, and we also have suspended staking for SAPG. Though, you can now earn interest in your USDT balance.
Staking Payment Schedule Changed.
Instead of receiving your interest payments daily, they will now accumulate and will be distributed monthly.
Our Help & Support Channel is Being Reworked.
We are currently on the process of reworking our Help & Support portal, in order to reflect all the changes we have been through recently. We expect the process to take a few weeks until it is fully completed, but we will upload the updated articles as they are finished. If you have any questions in the meantime, reach out using one of our contact options.
