Dharma Labs, a San Francisco based cryptocurrency lending firm has launched its latest service to the public; cryptocurrency loans fulfilled via smart contracts.
The announcement was made On Monday 8th April, explaining that the loans company is backed by exchange platform CoinBase.
Users can now interact and use the service via any wallet. At the time being only Ethereum (ETH) and Stablecoin (DAI) are supported however, more coins are in the process of being added to the service.
In the launch announcement Dharma explains that their vision is that users should be able to use cryptocurrency in their everyday life to earn interest, pay their bills or take out loans,
“While speculative investing was an important first use case for the ecosystem, crypto must do more in order to reach a mass-market audience. Users won’t be compelled to join a new financial system if they can’t access the basic financial services they currently rely on”.
Users will be able to seamlessly authorise transactions while retaining control over their private keys using a four-digit pin. On top of this, users can earn 2.5 per cent yearly interest on ETH and 8 per cent on DAI.
This is a productive step forward taken by Dharma to create a successful and worthy Peer-to-peer lending industry for cryptocurrency.