After raising $7 million back in February 209, Dharma Labs released its first-ever product in April. At the time, it was a product that allowed people to lend and borrow using fixed rates and durations. It was also not built on the Compound Protocol, as it’s the case now.

About half a year after that, they launched the second version of their product which, this time, used the aforementioned protocol. Thanks to it, people were able to lend at variable rates and durations. Recently, the company has added non-custodial wallets and United States-based on and off-ramps. In this article, we will be talking more about the company called Dharma, what they offer to their clients, and about Dharma crypto too.

More about Dharma

According to Dharma, they are the first crypto bank in the world. A bold statement that’s not precisely true. That’s because there have been numerous self-proclaimed crypto banks even before this one. At the moment, we see no reason to place Dharma as the actual first crypto bank. However, the company does have bank-like services. It allows people to send money wherever in the world they want and earn interest.

If we are to talk about the DeFi industry, Dharma is probably the easiest such service to use. They have a high-quality mobile app that is quick, user-friendly and doesn’t have bugs. Even if some similar services might be better in terms of rates, Dharma remains the easiest and quickest one to use, which could make it a clear favorite.

Dharma is led by a small team based in San Francisco which mostly consists of Stanford graduates. It was founded by some of the most important crypto VC firms with headquarters in Silicon Valley. Among those are Coinbase Ventures, YCombinator, and Polychain.

Why use Dharma and Dharma crypto?

It’s important to note that Dharma (and Dharma crypto) can now connect to your bank account. This is an Ethereum wallet that allows you to buy, sell, and earn interest in mere minutes. Based on the DeFi technology, as previously mentioned, Dharma allows you to turn fiat money into crypto and vice versa with just a touch. However, at the moment, only United States accounts can do this. You can use it from anywhere in the world only if you wish to deposit and withdraw crypto.

The slick interface of their app is definitely attractive. It allows people to watch their crypto assets gain interest live. Dharma also uses simple usernames as opposed to complicated Ethereum addresses to send and receive money.

Safety and a bright future

When it comes to safety, Dharma offers two-factor authentication. However, no new service should be trusted with large sums of money. At the moment, we recommend everyone to be careful and only try this service little by little. This technology is still an experiment for the time being.

A problem is that the team doesn’t offer in-app customer support. That’s probably because the service is still rather new. There is a live chat on their official website where people can ask for help. They also have a good FAQ section where you can find valuable answers. This is a simple DeFi app that seems to be going the same route that Coinbase did back when they started. All in all, Dharma and Dharma crypto are two very interesting concepts that are sure to evolve quickly. They may not have reinvented the wheel, but they surely have a bright future ahead.

Recommendation

It’s time for our recommendation and this time, it’s Royal Noble Group. This is a CFDs and cryptocurrency-centered brokerage company that values respectability, trustworthiness, and execution. It also puts clients at the highest point on their list by giving the most elevated level of trading and making it look easy.

Royal Noble Group accepts that their clients’ happiness is additionally their own success too. They are effectively putting resources into innovation and expert personnel so they can convey specially-fabricated value and a top-caliber experience. These words could empower any trader, new or with experience, to find out more about this platform and see what it has to bring to the table.

This is unquestionably probably the most security-driven broker out there. They deposit the funds of all clients in bank accounts that are kept separated, located in Europe. The customers’ money is not in the same place as the firm’s money. We kindly ask you to visit their official website for even more info on what they offer.