Starting today, cryptocurrency users in the United States will be able to earn interest on their digital assets. Decentralized finance (DeFi) marketplace Nuo Network is partnering with Wyre to open peer-to-peer lending and borrowing to millions of people in the country. Users will only need to link a debit card and they’ll be able to convert funds into stablecoins and start earning interest.
Nuo and Wyre are both cryptocurrency initiatives that create alternatives to traditional banking. Using Wyre’s regulated & compliant fiat on-ramps and trading engine, Nuo brings U.S. users access to a global debt marketplace. The service already counts with thousands of orders, $6 million in reserves, and $2.5 million in margin loans. A significant opportunity for borrowers and margin traders, as well as anyone looking to earn interest.
Another important feature is a commitment to security. Contrary to similar services, Nuo is non-custodial. It is completely peer-to-peer, open-source, and decentralized. This means that Nuo users lend and borrow funds directly from their own digital asset wallets. These are then locked in smart contract based accounts that Nuo does not have access to, leaving them in complete control at all times. Other cryptocurrency lending platforms require deposits that expose users to exit scams, hacks, and potential security risks.
Varun Deshpande, Co-Founder of Nuo:
“We are excited to partner with Wyre to enable users in the US access a global financial system in a frictionless way. We believe this is the first mainstream use case for cryptocurrencies, which can increase adoption without exposing users to price volatility. We have created the simplest interface for on-boarding new users to crypto by removing complexities of blockchain and Web3 stack.”
Mike Dunworth CEO and Co-founder of Wyre:
“We are thrilled to be partnered with Nuo. They are absolute rockstars at what they do. It’s a no brainer if someone can easily transfer funds into a secure system and earn interest as part of a global crypto economy. Providing meaningful value in a secure way is the most important thing, and Nuo gets that.”
About Nuo Network
Nuo Network, backed by ConsenSys, is Asia’s leading DeFi marketplace for borrowers and lenders. It uses open source smart contracts and does not take custody of user funds. Nuo’s goal is to help create an open financial system by helping borrowers, margin traders, and asset holders take advantage of the new possibilities created by cryptocurrencies and blockchain technology.
Nuo currently has more daily transactions on its platform than CryptoKitties and had recently partnered with Matic Network to enable faster plasma exits. Their previous partnerships include Kyber Network and Uniswap Exchange, which are the leading decentralised exchanges. For more information, please visit www.nuo.network
Wyre is a regulated payment institution that connects fiat rails to blockchain ecosystems. Founded in 2013 as one of the original infrastructure crypto companies, Wyre has traded $3.5 billion in cryptocurrency assets in-house and have completed more than $1 billion in blockchain-powered cross-border payments. Operating an intricate global payment infrastructure that includes relationships with regulated counterparties, Wyre has procured not only same-day settlements but deep liquidity at best pricing & execution.
Wyre is also one of the few US-licensed money transmitters in the crypto space and is proactively compliant with regulations. For more information, please visit www.sendwyre.com