DeFi innovation continues as the Dharma wallet introduces a way to transfer bank funds straight to DeFi on one platform.
The Dharma wallet announced yesterday that users could now send funds to Aave, Uniswap, Yearn, and Compound from their traditional bank accounts with a daily limit of $25,000.
Say hello 👋🏻 to a whole new Dharma — the Ethereum wallet that connects to your bank account.
📱 Cheaply deposit up to $25k / week into Aave, Compound, Yearn, and Uniswap directly from your bank account — instantly.
From 🏦 Dollars to 🛸 DeFi in a☝🏼Tap ✨ pic.twitter.com/sdOnrnTSB1
— Dharma (@Dharma_HQ) March 29, 2021
Dharma cited the limited functionality of ETH wallets and crypto exchanges as the inspiration for the new features, saying “the average Ethereum wallet has a toy fiat on-ramp with low limits and super high fees, and doesn’t let you withdraw to your bank.”
The wallet now claims to have more capabilities than any fiat exchange and better fiat support than any other Ethereum wallet.
Users can withdraw funds to their bank at any time of day and at any day of the week, potentially solving a major pain point for users frustrated with limited banking hours.
Dharma’s announcement stated that users can also “cheaply buy or sell any asset in Uniswap,” although this is presumably a relative term, as Uniswap fees remain historically high. The wallet’s features are powered by the dharmaOS SDK which can connect any Ethereum protocol action to Dharma.
A New Paradigm Shift
DeFi is …
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