Dharma, a cryptobank, which harnesses the power of blockchain technology to deliver a superior money management experience, has announced that the app is now live on Google Playstore.
How Dharma works: 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.
Dharma is powered by three novel blockchain technologies—the Dharma Smart Wallet, a non-custodial wallet that gives customers control over savings; stablecoins, which are cryptocurrencies that keep their value pegged 1:1 to the US Dollar; liquidity pools, which generate interest for users via over-collateralised lending.
Of course when you use Dharma there are a few risks—there can be bugs in the software as despite being tested it is relatively new; Borrower Default risk, which means that if the value of the collateral that borrowers have posted rapidly falls, there may be insufficient collateral value left over to repay the loans these borrowers have taken, and you may lose some or all of your investment; and interest rate risk, which means that interest rates on Compound are variable, meaning they can fluctuate even after you have deposited money or taken out a loan.