Nicholas Merten, the founder of the popular Datadash Youtube channel has launched a De-Fi app named Digifox.
Digifox is a smart wallet where users own their funds. They no longer have to deal with seed phrases or gas fees. Digifox has the vision to consolidate the best De-Fi companies together. It will act as an aggregator and is trying to build the best experience for the users by providing the best yields and transparency.
Today, I’m proud to reveal Digifox, an all-in-one finance application built for everyone. Earn 8% interest, buy cryptocurrencies, and send money across the globe.
— Nicholas Merten (@Nicholas_Merten) June 15, 2020
- Wallet: Receive, Send, Swap
- Earn 5-9% interest by locking your coins in Celsius. This is possible because Celsius opts-in to give back 80% or more of what they make from borrowers back to the community. Note that you need to have an account in Celsius to participate.
- Invest in Decentralized lending protocol, Compound.
- Deposit Fiat: Easy steps to deposit fiat into Digifox directly from the bank.
- Assets: Digifox has integrated over 11 different digital assets.
- Fueled by the decentralized power of KyberNetwork
It is to be noted that, Digifox doesn’t require a banking license, as they would never hold users’ funds. However, some of its service providers offer deposit services.
Nicholas Merten self-funded Digifox. The team is now in the process of crowdfunding the project. Investors will get what’s known as a SAFE note. It is a financial instrument that converts to stock once a company closes its Series A raise. Hence, by investing, you get a future stake in the company.
Check out the Wefunder link here
Digifox expects to bring $20M in deposits during the first six months towards its lending providers. This alone would generate $200,000 from the lending aggregation fee, plus $100,000 in referral income for the first half of the year.
Digifox expects to process a little over $40M in total trading volume. A trading fee of 0.49% on that will lead to another $200,000 in revenue, totaling the $500,000 projection.
There are three key pillars that keep the funds safe on the Digifox wallet:
- The company stores fund in crypto wallets, rather than an exchange. This removes the potential for a hack of the entire user base.
- Every wallet is generated by using 2-factor authentication.
- The services are either decentralized or brought in partnership with well-audited, reputable institutions. These institutions utilize the best practices in the industry to store and transfer funds
Nicholas Merten runs one of the most popular cryptocurrency channel, DataDash. The channel has over 344,000 subscribers from across the globe. The company will leverage this channel for marketing.
- Digifox has partnered with Ternio to implement debit card functionality, starting August.
- A cashback rewards program is also in the pipeline.
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