Ethereum Wallet, Dharma, Integrates with DeFi Blue-Chips for Direct Access to Bank
Ethereum Wallet, Dharma that connects directly to the bank account, has announced integration with popular decentralized finance (DeFi) projects; Aave, Compound, Yearn, and Uniswap.
“It's as if Coinbase had a Stripe-like API and an app store built into it,” is how the team describes it.
Now, the users can directly and instantly deposit up to $25,000 per week into these protocols that offer automated market-making, lending, and other services.
“Powered by dharmaOS — an open SDK that connects *any* Ethereum protocol action to the Dharma on and off ramp system,” announced the team.
Unlike a fiat on-ramp cryptocurrency exchange which only allows one to buy and sell digital assets and an average Ethereum wallet that has low limits, super high fees, and doesn’t let the users withdraw to the bank account, Dharma claims it “unifies powerful fiat on- and off-ramps with Ethereum superpowers.”
“Would totally crushed any of the fintech P2P lenders or roboadvisors offering in any countries it's available,” praised Arthur of DeFiance Capital.
Given that DeFi is notorious for its complexity and high fees, especially for new users, this makes sense that the community is excited. This seamless integration can also help drive the DeFi adoption forward. While the total number of DeFi users has exceeded 1 million, only 3.55% of active ETH wallets are currently interacting with DeFi.
Dharma isn't done; however, as co-founder & CEO Nadav Hollander tweeted, “If you think this is cool, wait 'til you see everything we're shipping in April.”