Dharma Labs to Shift Core Business to Flexible Stablecoin Savings

Dharma Labs, a popular decentralized finance (DeFi) platform, has just announced it will be launching a new service for its customers interested in savings. The service will be directed at enabling the continuous saving of , stablecoins and has also promised interest rates as much as 11.2 percent. According to Dharma Labs COO and co-founder, Brendan Forster, “Dharma is the easiest place to save your money from anywhere in the world.” Forster further adds that:

“We let people save in stablecoins. What the new product enables is the instant depositing of stablecoins and the instant earning of interest on those stablecoins.”

Dharma Labs has already begun the integrating all of its current customers with the new product, Dharma V2 with the aim of completely phasing out the Dharma V1 plan completely. The firm has already stopped deposits of any digital assets into Dharma V1 and will only allow that version to exist until all of the loans currently on the platform are concluded.

The Dharma team is especially optimistic about the company’s future and Forster has said that the firm is focused on ranking atop any peers it currently has. Forster said:

“It’s a matter of months before we reach that peak and, in all honesty, we have our sights set substantially higher than that. In short, we want to create a borderless bank.”

The new Dharma V2 will now turn its focus away from fixed interest rates and on to more flexible loans that will also not compulsory ask users to lock funds.

Image Credits: Pixabay

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