Blockswap DeFi app to improve savings account access to Cardano

Block swaps The Open Saver savings account allows eligible participants to benefit from owning green cryptocurrencies without the need for advanced knowledge of the sector or even personal cryptocurrency holdings. It will also help users reduce their carbon footprint.

Open Saver offers savers a target return of seven percent by creating a bond market based on their investment in cryptocurrencies for proof of shares. Cardano’s official early-stage innovation fund, CF, provided Blockswap with $ 50,000 to integrate ada, Cardano’s cryptocurrency, into the company’s platform. CFund, a $ 20 million innovation fund that supports the development of products, services, and infrastructure on the Cardano blockchain, is managed by Wave Financial. Existing ada stake pool operators can use their stocks as collateral.

Proof-of-stake-based blockchains use far less energy than those that use proof-of-work. The approach allows Open Saver to avoid high energy consumption related to Bitcoin and Ethereum, the combined energy production of which is equivalent to the use of Poland and Romania, the companies said. The proof of proportion developed by IOHK has the energy consumption of a single family home, IOHK said.

“Despite the proliferation of smartphones and internet connections, 1.7 billion of the world’s population have no access to financial services. IOHK and Blockswap aim to level the global financial playing field and ensure that everyone has access to the same opportunities and services regardless of where they live or how much they earn, ”said IOHK CEO Charles Hoskinson called.

“IOHK is an industry leader when it comes to promoting financial inclusion, so the company was a natural fit for us,” said Blockswap CEO Matt Shams (Anise) added. “His focus on improving developing countries, especially his work in Africa, will accelerate our mission to ensure that everyone has access to equal opportunities regardless of where they were born.”

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