Connect your MetaMask to your bank account, Fluid Finance is now live!
June 11 2022 - 12:05AM
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Fluid Finance SA, the first Swiss company to be capitalised in ETH,
has brought something revolutionary to the world of mobile banking.
A Fluid Account, which you only need an email to open—is better
than a bank, and better than an exchange. The newly launched mobile
app allows users to move in and out of crypto in seconds and
connect directly to their Web3 wallet. CEO and founder Robert
Sharratt said: “Fluid Finance is driven by giving as much control
as possible to our users. This is about control of your money, this
is about liberty, and a much more efficient banking system. We
offer a faster, cheaper way to go right from your bank account into
crypto and back. Once you’ve tried Fluid, you’ll never use an
exchange again”. Fluid’s technology streamlines your everyday use
of crypto. Their in-house digital currency—Digital Dollar
(DUSD)—and integration with the Arbitrum portal allow users to mint
from their fiat bank balance in seconds without high fees, long
wait times, or creating multiple accounts. And unlike algorithmic
stablecoin technology, Digital Dollars do not lose their peg. DUSD
is real money, on-chain: when you mint DUSD from fiat held in a
Fluid Account, the fiat moves to Fluid’s treasury account, where it
is held and insured until you redeem. This transaction is
verifiable on-chain, as are the reserves in Fluid’s treasury. DUSD
can therefore only be created by real USD deposits, and the
treasury is publicly broadcasted to the blockchain to verify.
Because every DUSD has a real Dollar sitting in a bank account, a
user can always redeem DUSD 1:1 for cash – no matter what the third
party market says. Users can then exchange large amounts of DUSD to
ETH with zero price impact, using Fluid’s revolutionary single
point liquidity pool. Moving away from AMM-based liquidity pools as
we know them from SushiSwap or Uniswap, which rely on price
discovery for tokens, Fluid instead relies on Chainlink
oracle-based external price feeds for the ETH-USD price. And the
benefits aren’t limited to the world of DeFi: Base deposits in the
Fluid Account accumulate a targeted 4% interest, far higher than
interest rates offered at traditional banks. Fluid Account holders
can also send funds globally, for free, in seconds. Fluid is truly
a banking alternative for everyone, and it’s been designed together
with the community members who believe in its ability to take on
the traditional banking model. Its mobile app and web app are live!
Sign up here: app.fluidfi.ch.
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