1/ Today, Dharma is officially open to the public.
Now, anyone can earn interest or take out a line of credit against their crypto from anywhere in the world. No bank account or identity check required.https://t.co/pyNzd87Qu3
— Dharma (@Dharma_HQ) April 8, 2019
According to the announcement, Dharma users can now borrow and lend cryptocurrency with just a few clicks with any Ethereum-based wallet. The platform leverages Dharma Key, a new system that allows users to seamlessly authorize transactions while retaining full custody for their funds.
Investors can earn 2.5% annual interest on ETH and 8% on DAI lending, while loans currently charge 0.1% APR for ETH and 4% APR for DAI loans — ETH loans are backed by DAI collateral and vice versa at 150% of the loan value. The current borrow volume is more than $500,000 while the loan offer volume is around $700,000.
“While speculative investing was an important first use case for the ecosystem, crypto must do more in order to reach a mass-market audience,” said the Dharma team. “Users won’t be compelled to join a new financial system if they can’t access the basic financial services they currently rely on.”
Dharma previously launched the alpha for Dharma Lever, a trustless service for accessing margin in high volume using the Dharma Protocol’s open-source smart contract infrastructure. As reported last October, the Dharma team is currently looking to partner with institutions for their ongoing alpha, and are specifically requesting those capable of trading $100,000 in Ethereum-based assets.
Announcement: Experience Magical Internet Money with Dharma
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.