Within DeFi there are many projects that have not yet had the time to make themselves known but are working hard to make it easier for less experienced users to operate in this world. One of these projects is called Voluto!
The primary goal of Voluto, as indicated on their official website voluto.app, is to make its users earn interest on digital currencies. Everything is user-friendly thanks to their App available for both iOS and Android devices.
If until now we all heard about cryptocurrencies and their volatility, henceforth I’m sure we’ll hear more and more about DeFi and the possibility to solve the problem of volatility with this new system able to provide us with secure earnings in ways similar to real banks. Voluto is an excellent App for this purpose as the design and ease of use are really extraordinary.
How to earn interest with Voluto?
It is enough to simply visit Voluto.app, download their app for free and register an account (for security it is possible to use Face ID or Touch ID). After that, you will have the possibility to deposit funds in euros and start earning interest. In short, exchanging euros for USDC (Thanks to Compound) has never been so easy for European users. Basically, your EUR deposit is automatically exchanged into USDC and begins to generate profits. When you want to withdraw your funds then the system will trade USDC in EUR again. The interest is obviously variable and does not depend on Voluto but on the demand and supply of USDC. The great thing is that your funds are never locked and can be withdrawn at any time without any additional questions or problems! Soon, Voluto will be linked with a debit card!
Why entrust funds to DeFi instead of banks?
With the latest economic crises, we have witnessed a very special phenomenon that has led banks to offer negative interests! You have understood correctly, in recent months many banks want interest for YOUR money. This will never happen with decentralized finance and this is exactly the reason why this sector will become more and more popular until a time when it might even overtake centralized finance (banks or other similar entities).
Voluto is a very young app, launched in Beta phase on February 5th, 2020. Unfortunately during this period, we have witnessed a global pandemic that has slowed the growth of the economy, causing also Voluto to suffer. Currently, the interest on USDC is not very high, but this problem will be solved automatically once the world returns to its former state (and it seems that the end is near).
As already mentioned, Voluto is a European app managed by European devs, more specifically in Lithuania! This country is known for, like few others (Switzerland and Malta for example) being very crypto-friendly, making it a great choice for such an app.
Browsing on Twitter among various DeFi interviews we were able to find out that the founders behind the project are: Erikas Mališauskas (Co-Founder – Design/Product), Lukas Kairys (Co-Founder – Technology), and Laurynas Jokubaitis (Co-Founder – Product)! These 3 guys, who founded Voluto in December 2019 to launch it a few months later, have created several Apps in the past and have been nominated by Forbes in the 30 Under 30 ranking, raising investments for several million dollars (almost 80M). In addition to the three founders, there are also other team members, such as Igoris Voičenica (marketing sector) and Domantas Pelaitis (technology sector). They decided to be transparent with their users and shared their faces and direct links to their LinkedIn accounts. This is a major positive point since within DeFi we are increasingly used to anonymous teams!
Voluto is trying to find its place in a sector filled with strong competition. On the one side, there are banks with negative or very low positive interest (we are talking about 0.1% interest), while on the other, there are other DeFi products that are currently investing a lot both in marketing and security. Try this beautiful App and let us know what you think! We are sure we will hear a lot about Voluto in the future!
Bonus: How DeFi Savings account alternatives Work?