Banks are a great product. They offer people a way to safely store their assets under the banks management. Governments ensure that these banks are kept up to high standards and and there to police banks from misusing your funds.
Banks use your money to make themselves money. The dollars that you put into these banks are being put to work by the bank itself. When the bank puts your money to work you don’t know where it's going or the kinds of returns the bank is actually making on your dollars. As seen below.
Banks do not tell you where your dollars go and what your dollars go toward. When you deposit your dollars into Outlet you are able to see exactly what is going on with your dollars thanks to the Ethereum blockchain. You are able to see where your funds have been by using something like Etherscan. The etherscan information will be accessible through the Outlet app.
Depositing your money in your Outlet buys a stable coin. A stable coin is a cryptocurrency that is pegged 1:1 to 1 USD. These ERC20 tokens are on the Ethereum blockchain. These dollars are just as good as your cash.
At outlet we want to be as transparent as possible. When you deposit your dollars into Outlet we want you to treat it as a bank account. You deserve to know what's going on with your funds and how your funds generate interest.
Outlet is supporting the DeFi movement. Decentralized finance is something we would love to talk about in our discord, but won't go too into detail in this blog post.
Outlet uses protocols that exist on the Ethereum blockchain to match your funds with liquidity providers that are able to get a return on your dollars. Outlet will match your funds with the highest interest rate protocol.