Cryptocurrency Lending Firm Dharma launches its service to the public

3 min read

San Francisco-based lending company Dharma Labs has announced it has launched its service to the public in a Medium release published on April 8.

As Cointelegraph reported in February, Dharma Labs has previously raised $ 7 million from major name investors, including Coinbase Ventures.

Users can communicate with the service with every wallet per launch announcement, and only Ethereum (ETH) and the decentralized stablecoin (DAI) are currently supported. The service is also reportedly non-custodial and users remain in control of the private keys that grant access to the items.

The function explains that this has an advantage over custodial centralized crypto-exchanges, which can withstand losses of customer funds in the event of a hack. The non-custodial implementation of loans and loans is reportedly made possible by the Dharma Key system.

In the launch announcement, which refers to cryptos as "magical internet money," Dharma explains that the vision is that users can use cryptocurrency in their daily lives to earn interest, pay their bills or take out loans. The message note & # 39; s:

"Although speculative investing was an important first use case for the ecosystem, crypto needs to do more to reach a mass audience. Users do not have to join a new financial system if they do not have access to the basic financial services that they provide currently depend on. "

The announcement claims that the above system allows users to seamlessly authorize transactions while retaining control of their private keys using a four-digit pin. The service's website claims that users can earn 2.5% annual interest on ETH and 8% on DAI. Furthermore, the page also claims that more than $ 1 million has been borrowed on the platform, while more than $ 1.6 million has been offered.

At the end of January, a report released by cryptocurrency lending company Genesis Global Trading claimed it processed $ 1,114 billion in loans and borrowed last year.

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Written by

Don Bradman

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