The mass adoption of cryptocurrencies is crucial to the mainstream acceptance of the digital asset sphere. With regulations and institutional limitations, validation has been difficult to achieve on a wide scale.
However, Dharma is on its way to change that. Dharma, a company which offers users the option to lend and borrow cryptocurrencies, announced that it is now open to public.
This development is a move towards improving accessibility, allowing users to acquire cryptocurrencies without the requirement of bank accounts or credit cards. Further, interest rates would be globally accessible to everyone.
The announcement is a huge boost for the crypto community as people will now face fewer complications when trying to acquire virtual assets.
At the launch, Dharma also announced that users would be able to borrow ETH and DAI at affordable rates in the market.
Nadav Hollander, Dharma CEO, explained that the company had worked hard towards improved user experience.
“There are a handful ways to earn interest on your crypto in a non-custodial manner, pretty much all of those require a high degree of technical knowledge.”
According to Hollander, Dharma had already facilitated loans and reached over 2,500 users; data which had been derived from a third-party explorer, Dharmalytics. In principle, a capital of $1.16 million had been borrowed so far across 1,575 loans.
Brendan Forster, Co-founder, and COO of Dharma said,
“We see the broader shift to blockchain-based financial services as the beginning of a much more efficient, programmable, and equitable financial system.”
The firm is currently backed by Green Visor, Coinbase Ventures and Polychain among others.
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