Cryptocurrency Company Releases Its New Highly-Anticipated Lending Service To The Market
Cryptocurrency Company Dharma Releases Its New Service To The Market
The cryptocurrency firm Dharma Labs has recently announced that it is releasing its service to the market. The information was published in a recent blog post. The firm was able to raise $7 million in the past from investors that include Coinbase Ventures.
Dharma Labs Launches New Services
According to the blog post, the firm can use any wallet to have access to this service. Nonetheless, only Ethereum (ETH) and the popular stablecoin DAI are supported. Users remain in custody of their assets at all times.
The firm says that they offer several advantages compared to other virtual currency exchanges. As they offer a non-custodial service the security of the assets depends on the users. Dharma is offering lending and borrowing services that are based on the Dharma Key System.
The announcement explains that virtual currencies are “magic” money from the internet and that they have a vision of allowing individuals to earn a daily interest with their virtual currencies.
The company mentioned:
“While speculative investing was an important first use case for the ecosystem, crypto must do more in order to reach a mass-market audience. Users won’t be compelled to join a new financial system if they can’t access the basic financial services they currently rely on.”
Users will be able to authorize transactions and retain control over their private keys. In order to do so, they will have a private four-digit pin. At the same time, their official website claims that users can have a 2.5% yearly interest on Ethereum and 8% if they use DAI.
Until now, their official site informs that they have already borrowed more than $1 million and over $1.6 million have already been offered.