Dharma launches its savings service with stablecoins to the public.
The Dharma cryptocurrency loan platform officially launched its savings service with stablecoins. This is one of the most anticipated features of Dharma V2, previously announced by the company.
Through a blog post presented on Wednesday, October 23, Dharma Labs explained that the system is available in its open version after being launched in closed beta at the end of August this year.
In the text, the Dharma Labs team referred to the claim that their savings system is the product that will be used to present decentralized finance (DeFi) “to millions of new users, not as a speculation vehicle, but as a vehicle of stable international savings. ”
According to the publication, the Dharma system offers up to 7.4% annual interest for its savers, based on dynamic variables based on the Compound protocol on which the platform is built.
Interested users should deposit their funds in one of the dollar-anchored stablecoins: Dai or USD Coin (USDC). For this, Dharma has an integration with the Coinbase exchange house. Users with an account in that exchange office can send the funds they wish to save directly through this integration between both platforms.
The text clarifies that this integration with Coinbase does not represent a limitation for users without an account in the exchange office. Its users can send funds to their addresses in Dharma from any wallet. “Any DAI or USDC currency that arrives at the address will start generating interest instantly,” the note adds.
Another of the main features of Dharma V2, also announced previously, is the inclusion of non-custodial purses for the safekeeping of its users’ funds. In addition, they offer a security system against hacking or loss of the device used by the user.
“Your keys live on your devices, not in the cloud, even if Dharma were hacked or compromised, your funds would remain safe and in your possession.”
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