Public Mint’s New DeFi Savings App Offers High Yields with No Hassle

Announcements, Blockchain, News | November 11, 2021 By:

With Bitcoin’s recent price explosion and the approval of a Bitcoin ETF, more Americans are turning to crypto investing. But when it comes to decentralized finance, many don’t know where to start.

Public Mint’s EARN is the first program of its kind, giving users all the benefits of CeFi and DeFi on its fiat-based blockchain, without any of the hassle. EARN (which launches in beta next week) offers users high yields of up to 6 and 8% when they place money in the app — like a savings account, but better.

“The Public Mint Wallet functionality already allows users to send money to other individuals, companies or applications with virtually no wait time or fees,” says Founder and Executive Chairman, Halsey Minor. “With EARN, we are expanding what users can do with their funds on the platform. We’re one step closer to achieving our mission of empowering the crypto community to take control of their finances by making DeFi more simple and accessible.”

The MINT utility token is central to EARN’s functionality. MINT Token stakers, composed primarily of experienced crypto and financial users, are responsible for making governance decisions relating to fund allocations and rewards. Stakers also vote on what they determine to be the best portfolio options for EARN users, which include diversification between CeFi and DeFi offerings for greater risk mitigation.

Public Mint’s partner network, which includes Abra and Celsius, is central to EARN’s ability to provide high APYs on fiat currency. Public Mint digitizes USD into USD+, a synthetic currency, so that it can function both on the platform and in partner networks. Partners generate yields on a portion of the synthetic funds, which are rewarded to the end user. EARN is designed so that while the funds are in circulation, they remain ready and available to users at all times should they wish to transfer money back into their wallets.

“EARN combines the best of both worlds — users are earning impressive yields on their USD, but that money remains available for them to do as they please,” says Jorge Pereira, Co-Founder and CTO of Public Mint. “We’ve proceeded in this fashion to give users complete control over their finances, while creating a seamless experience for them to do so. Our programmable money solutions will also be advantageous for developers wishing to build on our blockchain as they will have the ability to provide fiat-based services.”

Public Mint encourages developers to deploy their solutions on their open-source, fiat-native blockchain. Companies will be able to provide services that accept fiat currency, giving them access to a new class of customers – crypto novices – when Public Mint officially comes out of beta and launches its EARN program. EARN is the first step in a larger endeavor the company is undertaking: Public Mint wants to create an ecosystem where a constellation of applications exist that give users access to a wide range of financial services in one place.