Outlet is a high interest way to start saving. You can think of our app as a new form of savings account.
Banks are a great product. They offer customers a way to safely store their assets under the bank's management. Governments ensure that these banks are kept up to high standards and are there to police banks from misusing your funds.
Banks use their customer's money to generate income, which is usually not shared with customers. The dollars that you deposit into these banks are being put to work by the bank itself. Banks have very little transparency when it comes to how they manage and utilize their customer's funds. 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.
Whenever customers deposit money 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 money in your Outlet account allows you to earn higher interest rates than you would on a traditional bank account. This is done through the use of blockchain technology, more specifically through the use of a stablecoin. A stablecoin is a cryptocurrency that is pegged 1:1 to 1 USD. Each stablecoin is equal to one dollar. These stablecoins are just as good as your cash.
Outlet then takes the stablecoins generated from your deposit, and lends them to cryptocurrency traders and exchanges via a secured loan. This secured loan ensures that your funds are safe, and available for withdrawal whenever you please.