- Digifox, a DeFi finance app from Datadash’s Nicholas Merten, has launched
- The “all in one finance application” integrates Kyber Network and Celsius to offer crypto purchases and a high rate of interest on savings
- The smart contract crypto wallet is fee free and all services are completely decentralized
DataDash presenter Nicholas Merten has launched Digifox, a DeFi application that offers interest on fiat deposits, cryptocurrency purchases, money transfers, and more. The YouTuber, whose channel has almost 350,000 subscribers, has been teasing the DeFi project for many weeks and yesterday finally announced the launch of the project, which integrates Kyber Network and Celsuis.
Digifox Leverages Top DeFi Platforms
In a YouTube video announcing the product, which is at its heart a cryptocurrency wallet, Merten described Digifox as “an all-in-one finance application that helps to streamline your personal finances” adding that it is “the culmination of everything that I’ve seen that works in the cryptocurrency space to help scale out and simplify cryptocurrencies as a whole.”
Digifox embeds services from a range of cryptocurrency projects offering DeFi solutions,
integrating Kyber Network’s liquidity pool to power the token purchase mechanism, while interest on holdings will be offered by Celsius, who recently linked up with Bitwala to offer a similar service. It will also soon have a debit card attached to the app, allowing the spending of funds on products and services.
Merten’s Grand Plan to Usurp Banks
Merten calls the product’s combination of in-house tech and third-party applications “the culmination of everything that I’ve seen in the cryptocurrency space that works to help scale out and simplify cryptocurrencies…”, and clearly has grand desires to encourage users to eventually swap their traditional bank for the product. He may just achieve this thanks to his ability to offer a far higher interest rate than offered by traditional banks (up to 9% as opposed to 0.99%), with the added bonus of being able to buy and send cryptocurrencies thrown in.
The Digifox crypto platform team clearly has big plans for the product, which sees Merten firmly throwing his hat into the DeFi space – all elements of Digifox are decentralized, meaning that users are in control of every aspect of their finances.
Cryptocurrency is definitely missing the clean, simple, and safe ‘all-in-one’ app that takes it mainstream. Whether Digifox will be that app will only be known with time, but Merten and his team certainly have made a nice looking product that they, quite rightly, have high hopes for.