Dharma.io is a user-friendly app designed to onboard regular people onto DeFi, by connecting them straight from their fiat bank accounts. Dharma was founded by Brendan Forster and Nadav Hollander, a software engineer who has interned at both Coinbase and Google. The first whitepaper for the project was published in November 2017. In contrast to many projects in 2017, Dharma did not hold an ICO. The project instead opted for a traditional seed funding round, raising a modest US$120,000. The first Dharma product – a margin product called Dharma Lever – began development in late 2018.
The product was launched to support the lending and borrowing of ETH and USDC exclusively, focusing on providing a simple user experience. Dharma Wallet Lever differentiated itself from other platforms by offering fixed interest rates and fixed-term loans, in contrast to typical floating rates and durations. Lever saw strong initial growth, passing $1 million in liquidity within its first 24 hours.
How Does Dharma Wallet Work?
- To get started, visit https://www.dharma.io/ and download the Dharma app on your iOS or Android device.
- Open the app and create a wallet using your email address.
- Navigate to the “Settings” tab and link your bank account.
- Tap the center “actions” icon.
- Tap “DeFi with Your Bank Account”.
- Select the protocol you wish to supply funds to.
- Select the token you wish to supply. Once you confirm, this will use your bank account to purchase the token you selected and supply it to the protocol.
The Wallet for Everyone
Chart New Highs
Dharma Wallet Real time portfolio chart and asset value tracking.
Get notified when token prices swing.
Not your keys, not your crypto.
Automate your DeFi trades with advanced order types.
Which tokens does Dharma support?
The Dharma.io app currently supports ETH and all ERC20 tokens, however, you may only purchase USDC when using your linked bank account. Although this may seem restrictive for purchases, USDC can easily be swapped for Ethereum-based tokens of your choice within the app via Uniswap or another decentralized exchange.
Why use Dharma
If it’s DeFi that’s simple to use, then Dharma is your best bet. They offer incredibly easy on-ramps and off-ramps enabling you to convert fiat money into crypto and back again at a tap. Unfortunately, this is restricted to only US accounts for now.
If you want to deposit and withdrawal cryptocurrencies, then that can be used globally.
In addition to simple on- and off-ramps, Dharma offer an incredibly slick interface where you can watch your crypto assets earn interest in real time. They’ve also focused on making sending and receiving money very easy with simple usernames and not your standard Ethereum addresses. Unfortunately they only offer Ethereum and DAI at the moment. Luckily, that covers many in the DeFi space for now, so it’s worth giving it a try.
Ease of use
As mentioned previously, the best thing about Dharma Wallet is their design and usability. It’s currently second to none. It’s modern, fresh, fun, simple and very usable. In our opinion, they’ve pushed the DeFi and general finance industry forward with this design.
It’s arguably what made Coinbase stand out and ultimately successful in their early days. We think the same will be true for Dharma. If you want a beautiful, simple DeFi app, this is the one for you.
Is Dharma secure?
The app doesn’t offer two-factor authentication and it’s very new so they don’t recommend putting your life savings in an account with them. It is a top quality team, backed by top quality investors which makes us trust it more than most, however, with any new technology that is still very much in experimental phase, they don’t recommend storing too much of your assets with them.
Dharma.io is the Ethereum wallet that connects to your bank account
In less than 10 minutes, you can:
Buy and sell 2,000+ assets in Uniswap.
Earn interest in Compound, Aave, and Yearn.
Invest in *any* Ethereum protocol.
All directly from your bank account, up to $25k / week.
With Dharma, the power of DeFi & Ethereum has never been more accessible or simple.
No more seed phrases, no more Chrome extensions, no more headaches.
Dharma Wallet marries the best parts of fiat exchanges like Coinbase and non-custodial Web3 wallets like MetaMask.
Backed by Coinbase, Polychain, Compound Labs, and Aave.