Automate your crypto investing in under 5 minutes, then brag about it to your friends. Collect the spare change from everyday purchases on your most-used cards and automatically invest it in Bitcoin.
@vincent_audoire1 Thanks for your support! We haven't forgotten about Europe and it's definitely something we have our sights set on soon. After all, we were born in Berlin 🇩🇪
looks like a really cool product... I've not bought bitcoin before but have thought about it a lot, just haven't got round to it because I feel like the scene seems really intense. How secure is the platform?
@narouz_hofmann1 Hey Narouz! Great question - we certainly know how hard it is to think about getting started in Bitcoin. We built Donut to reduce the entry barriers through a 'set it and forget it' approach leveraging Dollar Cost Averaging 😅
In terms of security, all of our USD deposits are FDIC insured by our partner bank in the US. With respect to your crypto assets we work with a US regulated custodian partner who uses the highest levels of security (multi-signature wallet and cold storage for most of your funds) to ensure that your funds are safe and secure.
Hope that answers your question but anything else and I’m sure @jordanabderrachid can help you out! 🔒
For someone who knows a bit about trading bitcoin/stocks and traditional bank deposit interest, how does earning interest here actually work? Where do the 5% come from? What's my risk? (bitcoin price fluctuation? counter-party risk?)
@graup Hey Paul! Thanks for reaching out with a great question.
We have two product lines: one is an investment product for Bitcoin, the other (Donut Savings) is an interest bearing product which allows you to hold your savings in stablecoins to earn a higher interest rate than cash in a bank.
On Donut, we automatically convert your dollars to stablecoins and supply them to our partners at Compound (https://compound.finance/). In exchange for supplying your stablecoins to Compound’s platform, you receive a real-time interest rate on your assets. The interest rate varies constantly, but has been as high as 5% APY in in recent months.
On Compound, your stablecoins become part of a global decentralized lending pool. Borrowers take out loans from this pool and pay an interest rate, which goes directly to your pocket in real time. We built the app so you can literally watch your Donut Savings tick up second-by-second as it generates interest 24/7.
We wrote a blog piece that covers Donut Savings in depth, but happy to answer any more questions here too 🙂
👉 https://blog.donut.app/donut-sav...
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@neelpopat thanks for the explanation! The blog post helped as well. Would love to try the app when it launches in the EU or Korea.
@neelpopat Donut Savings is a wonderful and elegant solution, onboarding fiat into the DeFi economy. I am curious, is there some sort of deposit insurance a lá FDIC?
@daniel_de_sa Thanks Daniel that's exactly what Donut Savings does. FDIC insurance covers only USD on our platform and Donut Savings leverages the stablecoins. We supply these stablecoins to Compound which has it's own risks, but they mitigate this with extensive security practices and auditing. You can indeed read about their security here (https://compound.finance/docs/se...) and we are looking into ways to insure this even further!
@jasonzerbin thanks!
I have to give full kudos to @lemurf & @maxtillich for all things design.
Regarding more assets, that's 100% the direction we want to take Donut in. However, we're going to be selective in the assets we offer. We've already added Donut Savings (leveraging Compound) and we have more exciting ways to build digital wealth coming soon.
Here's a little more about the savings product: https://blog.donut.app/donut-sav...
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Love the idea! Just two questions: 1. What’s the roadmap for launching in NL and the rest of Europe 🇪🇺? 2. What’s up with the Android app 😅?
thanks @zino_hofmann!
Our next big milestone will be the Android App - you can check our public roadmap here: https://bit.ly/2ynm8Qi
We're 100% working on bringing Donut to Europe. The majority of our newly remote team is European so this is a big priority for us inc. 🇳🇱!
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I love how simple they have made the actual investment user experience, and you are up and running in minutes. The product design is clean, permitting you to really focus on what you have come to the app to accomplish. I do hope that future iterations will provide a dashboard view of your overall progress (e.g. ROI, trending data, day over day performance metrics, etc.)
Overall, pretty sweet!
@bruinrob11 thanks so much for your support and feedback. You read our minds! We've been busy designing, testing and building loads of improvements to help you track ROI, pricing & performance for both Bitcoin and Donut Savings. These features will be pushed in a new version of the app over the next month. You can check out our roadmap here: https://bit.ly/2ynm8Qi
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@dan__spooner I love how you are evolving the product. You did not overwhelm new users (who might not have been familiar with cryptocurrency trading yet) with a lot of features they would not be well suited to use, you have allowed the product to grow with the customer, great approach. And somewhat related, sharing your roadmap with your customers (and stakeholders) is such a breath of fresh air, too often product guards this info from the people who can benefit from it the most. Sharing inspires confidence from your customers and lets them know you take their concerns seriously.
@bruinrob11 thanks so much for your kind words - much appreciated. As you said, we're working hard to bring new users with us on our journey.
The improvements to charting and performance coming soon are super exciting, we're just making sure we don't overwhelm new users alongside providing much greater insight.
Glad you like the roadmap! I take inspiration from Monzo for this - the masters in involving users in the product development process 💫
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I've thought about getting into bitcoin for a few years now and also regret not getting in sooner. This seems like such a simple way to get started without even thinking about it. Really excited to get up and running with my investments. How long does it take to get verified and you can start?
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