Dharma, a prominent DeFi cryptobank, launched “Social Payments” as a way to send payments to any Twitter user from Dharma accounts making it easier and free to introduce any Twitter user to the world of cryptocurrency.
Dharma now allows users to send USD-pegged DAI stablecoins to any Twitter handle, even if there is no associated Dharma account.
This means that Dharma users can send funds from the Dharma app by looking up any Twitter handle, designating the desired amount, and tapping a single button. The Dharma Bot Twitter account can tweet a unique notification with a link to download the Dharma mobile app. Senders are encouraged to retweet the notification to make sure the receiver doesn’t miss it.
To collect the funds, recipients download the Dharma app using the link provided in the notification tweet. After creating a Dharma account, users connect their Twitter account to receive access to sent funds. They can choose to convert funds to USD and withdraw to a bank account, or leave the DAI in the Dharma account where it will earn interest like all Dharma deposits. Sent DAI will even earn interest before it has been claimed by the receiving user while waiting to be claimed.