Automate your crypto investing in under 5 minutes, then brag about it to your friends. Collect the spare change from everyday purchases on your most-used cards and automatically invest it in Bitcoin.
For someone who knows a bit about trading bitcoin/stocks and traditional bank deposit interest, how does earning interest here actually work? Where do the 5% come from? What's my risk? (bitcoin price fluctuation? counter-party risk?)
@graup Hey Paul! Thanks for reaching out with a great question.
We have two product lines: one is an investment product for Bitcoin, the other (Donut Savings) is an interest bearing product which allows you to hold your savings in stablecoins to earn a higher interest rate than cash in a bank.
On Donut, we automatically convert your dollars to stablecoins and supply them to our partners at Compound (https://compound.finance/). In exchange for supplying your stablecoins to Compoundās platform, you receive a real-time interest rate on your assets. The interest rate varies constantly, but has been as high as 5% APY in in recent months.
On Compound, your stablecoins become part of a global decentralized lending pool. Borrowers take out loans from this pool and pay an interest rate, which goes directly to your pocket in real time. We built the app so you can literally watch your Donut Savings tick up second-by-second as it generates interest 24/7.
We wrote a blog piece that covers Donut Savings in depth, but happy to answer any more questions here too š
š https://blog.donut.app/donut-sav...
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@neelpopat thanks for the explanation! The blog post helped as well. Would love to try the app when it launches in the EU or Korea.
@neelpopat Donut Savings is a wonderful and elegant solution, onboarding fiat into the DeFi economy. I am curious, is there some sort of deposit insurance a lĆ” FDIC?
@daniel_de_sa Thanks Daniel that's exactly what Donut Savings does. FDIC insurance covers only USD on our platform and Donut Savings leverages the stablecoins. We supply these stablecoins to Compound which has it's own risks, but they mitigate this with extensive security practices and auditing. You can indeed read about their security here (https://compound.finance/docs/se...) and we are looking into ways to insure this even further!
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this is such an amazing solution. really love it. Looking forward to seeing even more features in the future!!
10/10 on Product functionalities
10/10 on User experience
10/10 for Market need
10/10 on Transparency
10/10 on Customer support
10/10 on Insights
Hey Product Hunt,
I speak for the whole team when I say that weāre super excited to bring Donut to Product Hunt. As a group of product nerds, we're proud to share what weāve been building over the last year.
From day one, our goal with Donut was to create an investment app worth using. Our team believes that cryptocurrencies and DeFi are essential to our financial future and that everyone, regardless of crypto savvy, should have access to these asset classes. Some of the features we're most proud of include:
- Collect: round-up spare change from card purchases and automatically invest in Bitcoin
- Schedule: an easy, customizable tool to set recurring investments
- Donut Savings: earn real-time variable interest and grow your savings (leveraging Compound)
- Quick Buy: make a one off investment using a Debit card
Donut is currently available for iOS on the App Store in the US (excl. NY, WI, NJ and PA) and we hope you'll give it a try.
A big thank you to everyone who has tested and provided feedback on Donut. Weāve met many of you in person or more recently on Zoom and itās been great to build Donut with you!
Let me know your thoughts and questions (or just say hi!) in the comments below. Neel and I will responding all day and look forward to hearing your thoughts on crypto and the future of investing.
Thanks,
Dan
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@dan__spooner Damn, I skipped a few days of ProductHunt and missed the promo by a day š„ The savings product looks great though, so still going to try it out!
@rapholy neither can we Raphael! We'll keep you posted šÆ
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looks like a really cool product... I've not bought bitcoin before but have thought about it a lot, just haven't got round to it because I feel like the scene seems really intense. How secure is the platform?
@narouz_hofmann1 Hey Narouz! Great question - we certainly know how hard it is to think about getting started in Bitcoin. We built Donut to reduce the entry barriers through a 'set it and forget it' approach leveraging Dollar Cost Averaging š
In terms of security, all of our USD deposits are FDIC insured by our partner bank in the US. With respect to your crypto assets we work with a US regulated custodian partner who uses the highest levels of security (multi-signature wallet and cold storage for most of your funds) to ensure that your funds are safe and secure.
Hope that answers your question but anything else and Iām sure @jordanabderrachid can help you out! š
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