Floatify

Earn 5-10% interest on your money without a bank. After creating your account and completing the on-boarding with Wyre, someone in the US can deposit money into Compound’s protocol and start earning 5–10% interest with just a few clicks. Whenever you want to withdraw your money, it’s a click away and will hit your bank account a few days later. Like traditional loans given by banks, you are supplying your money so someone else can borrow it. Unlike these traditional loans, you are not using a bank nor does anyone negotiate loan rates, terms, or have to worry about not getting paid back. Instead, users can supply their funds to a pool which contains the funds supplied by all users. Other users can borrow money from this pool at an interest rate determined by the market. The loans these borrowers take are collateralized loans, meaning they must supply about 1.33x the value of the loan as collateral before they can get the loan. If the loan isn’t paid back by the borrower, he or she loses their collateral, which pays back the loan. As a result, there is very little risk of lenders losing money. The interest rates are computed about every 15 seconds based on supply and demand. If there are a lot of suppliers putting money into the pool and few borrowers, interest rates will drop. If many users are borrowing money but supply is scarce, interest rates will rise. Borrowers will want to borrow funds from Compound because they can do so instantly, with comparatively very low fees, and no application process, as there is no bank to deal with. Lenders will want to supply funds because, as there is no bank, they do not have to directly or indirectly pay the costs of an institution creating, processing, and enforcing loans.