Dharma is on a mission to make DeFi radically more accessible to a mainstream audience, and today we are excited to announce that the Dharma app is live in the Google Play Store.
Click here to download Dharma.
What is Dharma? Dharma is a cryptobank, we do everything your bank does, but we’re not a bank. We don’t even take possession of your money!
Instead, we harness the power of blockchain technology to deliver a superior money management experience. Deposit to Dharma directly from your debit card, and you’ll start earning a super high interest rate instantly! There are no lockups on Dharma funds, so you earn interest from the second your money hits your account until the second you withdraw.
Under the Hood Under the hood, Dharma is powered by three novel blockchain technologies.
First, the Dharma Smart Wallet, a non-custodial wallet that gives you unprecedented control over your savings. Non-custodial means that only you have the power to move your funds. No one else, not even Dharma, can move your money without your consent.
Second, stablecoins, cryptocurrencies that keep their value pegged 1:1 to the US Dollar. Stablecoins are blockchain-native dollars, protecting you from the extreme volatility of other cryptocurrencies like Ether and Bitcoin. But because stablecoins live on the blockchain, you can use them to earn a great interest rate using innovative blockchain-based financial services.
Third, liquidity pools, which generate interest for users via over-collateralized lending. All deposits to Dharma are immediately deposited into Compound, an open liquidity pool on the Ethereum blockchain. On Compound, your funds earn interest in real time, and your entire balance, including all of your accrued interest, is withdrawable at any time.
Super High Interest Rates You may be wondering how it’s possible that Dharma’s interest rates are so high.
It’s actually quite simple: there are milli...