HQ: Helsinki, Finland
Invested in: Q2/2018
Founders: Yichen Wu, Chris Whellams, Ilkka Salo
Keywords: cryptocurrencies, fintech
NEXT GEN CRYPTO INVESTMENT COMPANY
WhaleLend is a company dedicated to becoming a long-term, leading player in the cryptocurrency community. Their first product is aimed towards individuals or institutions looking to earn passive income on their cryptocurrency assets, which may be sitting idle in their wallets. It is also perfect for investors looking to earn returns from the cryptocurrency market, who do not want to take the risks that come with buying cryptocurrencies directly.
WhaleLend deploys your capital to the lending markets in cryptocurrency markets, which traders can borrow. Interest is then paid on the borrowed capital. It is an advantageous situation for WhaleLend users, as their capital is protected even if the cryptocurrency traders lose everything. Your investments through WhaleLend are known as “collateral” in financial trading, and remain safe, thanks to a mechanism known as “margin lending.”
WhaleLend aims to act as a service provider to all users and doesn’t function as a bank or investment fund. Interest on your cryptocurrency is paid daily, and in kind, meaning in the same currency as your investments. So, if you invest in Bitcoin, you receive Bitcoin interest. So far, returns have been consistent, averaging at around +20% for USDT and +10% annually for Bitcoin and Ethereum.
Icebreaker has invested in the company along with Taaleri and Estlander & Partners. WhaleLend's core team currently consists of CEO Yichen Wu, CTO Chris Whellams, and COO Ilkka Salo. They have backgrounds working with BCG, Morgan Stanley and Clifford Chance LLP, and though they describe themselves as different people at different stages of life, they all live by the motto "Living means leaving traces."
They aim to keep their methods simple and are the first company and service to whom you can deposit your cryptocurrencies, earn daily interest, and withdraw funds at will. Currently, WhaleLend is working on launching several new products in 2019.