Dharma – the service providing direct DeFi access from the bank accounts announced on April 20 that it’s service now allows U.S. residents in all 50 states to buy and use DeFi services, directly from their bank accounts. Dharma is calling it the Dollars to DeFi service. The users are able to deposit $25,000 per week into core protocols like Uniswap, Compound Finance, Aave, Yearn Finance and Pool Together.
This is a breakthrough development for the DeFi infrastructure, almost exclusively found on Ethereum. Dharma latest upgrade would allow millions of Americans to gain access to DeFi from the traditional finance instruments and act as a fundamental bridge between both worlds.
DeFi market capitalization currently stands at $111B and climbing. It has seen a meteoric rise lately as users demand a better and more transparent system than the traditional finance. However, significant hurdles remain, before DeFi services can be trusted and on-boarded by the masses. Today’s development by Dharma is one such step in that direction, paving the way for adoption and usage for millions of people.
About Dharma DeFi Smart Wallet
The Dharma smart wallet can be used to send and receive money from anywhere and earn certain Annual Percentage Return (APR) interest on the money stored in the wallet. There is no fees for usage and bank account isn’t required by default. It can also be used to deposit and withdraw money to bank accounts. The wallet itself is secure and non-custodial. The whole system operates on the Ethereum platform through independently audited code and is used for Decentralized Finance (DeFi). The Dharma smart wallet can be downloaded from Playstore and Appstore.
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