Is the deposit rate 50 times the industry average?-The cryptocurrency lending "NUO" announces the new service "JUNO" to aim for the next -generation bank

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News Summery: On October 10th, Mumbai, India's cryptocurrency lending "Nuo Network ( * NUO)", a total of $ 3 million from multiple investors, including Polychain, Sequoia Capital India, and Consensys Labs.We carried out funds.

With NUO, multiple cryptocurrencies can be rented and borrowed, and lending can earn interest rates or leverage transactions through borrowing.

Since the launch of services in March this year, it has been attracting attention as one of the distributed financial projects on Ethereum blockchain, and it is also interesting that there are many Japanese users.

At the same time as the procurement, the company announced a new financial app "JUNO".It is said that the service will be launched around March 2020, and the United States, Europe, Singapore and Japan are considering the first market.

Popular Points: In this article, I will explain in detail what kind of app is NUO and the new service JUNO.

As mentioned earlier, NUO is a finance app that allows you to acquire interest rates and trade leverage transactions through lending and borrowing cryptocurrencies.The feature is that the function is implemented by the smart contract of the Ethereum blockchain.The distributed structure ensures safety and transparency and reduces commissions by eliminating intermediaries.

In addition to Ethereum, the USDC and DAI of Stable Coin are listed as available cryptocurrencies, and WBTC tokens that have realized bitcoin on Ethereum.When renting or borrowing, the interest rate changes depending on the cryptocurrency used.

For example, when lending a USDC token at the same price as a US dollar to the NUO contract, the APR (annual interest) is 7.5%.Although it is a simple comparison, this value is 0.Japan with 01%or less and average 0.It is much higher than 9%of US personal deposits (annually).

In fact, it has gained high popularity among some investors, and the total amount of encryption assets deposited in NUO's smart contract until now, about half a year after launch, is about $ 23 million (about 2.5 billion yen).The cumulative borrowing amount is about $ 22 million (about 2.3 billion yen), which has a large transaction despite a short period of time.

Although there are differences in technical implementation methods, available tokens, interest rates, etc., it is similar to the previously introduced Instadapp in that it is a lending app on Ethereum.By the way, both companies are Indian startups.

And the new service "JUNO" provides a digit currency wallet app and wallet using NUO's high -interest deposit function.The remittance and payment fees by debit cards and debit cards are set for free.

Because it is connected to the NUO contract, JUNO Wallet accepts the stable coin USDC lending 7..It is said to provide 54%of APR (annual interest) to users.We sell the fact that we can provide 50 times the interest rate of the industry average rate.Also, if you pay with a JUNO debit card, you can receive cashback at a specific store or service.

In addition to these functions, JUNO states that it will use the app for a long time to provide free international transactions.Therefore, by connecting partnerships with local banks in each region, it will solve problems such as issuing and international remittances of debit cards.

By the way, there have been a number of projects that provide interest rates to lend cryptocurrencies using Ethereum's smart contract.However, in other cases, only high literacy users about finance and cryptocurrency continue to know or use it.

It is a similar problem with the current NUO, and it is still hard to say that it is a mass market product.That's why JUNO aims to obtain peace of mind and awareness from the square by forming a bank and a partner and using debit cards that are familiar to general consumers.

With the help of existing financial systems such as banks, there is a risk that it could be offset the advantages of safety and convenience by dispersion using blockchain, and it is shunned by thinkers and developers who are enthusiastic about the blockchain area.It is one of the policies that tend to be done.

However, JUNO is trying to appeal to the mass layer for the convenience of cryptocurrency by using the power of the existing system.There are few startups in the past, from the construction of a distributed financial ecosystem on Ethereum to the issuance of debit cards, and in that sense, I am looking forward to the start of full -scale service.Also, if the first step in Japan is Japan, it would be still wonderful.

Image Credit: Nuo, Juno