There are more and more projects introducing debit and credit cards with the use of cryptocurrency. One that peaked my interest is from Outlet Finance where they have a debit card that uses UST tokens.
So Outlet Finance is a digital bank that will let users link traditional bank with fiat onto Outlet and exchange the fiat into cryptocurrency stable coin UST. For those who are unaware UST is a stable token of the Terra blockchain is is pegged to the $USD. 1 UST = $1 USD
Whats the Benefits of Using UST
Cryptocurrency interest rates are much higher than traditional banks. In Outlet they are offering 9% which is generated through the use of Anchor Protocol. Now the interest earned is UST that you put into Outlet and paid out every week.
There will be more opportunities to earn on Outlet including earning rewards for using its debit card. A final note Outlet only started introducing the use of UST as of this week. They only offer a debit card, no credit card.
Helpful Links
https://intercom.help/outlet-finance/en/
Link above is from Outlet that helps introduce users to the platform and has multiple informative links regarding to Outlet's business, ways to earn rewards, helpful instructions to on-boarding and most common questions and answers.
Conclusions - Insurance Protection Coming Soon
With the fear of investing in cryptocurrency always in the face of investors its not a surprise that Outlet is trying to clam investors. They have twitted their collaboration with PhaseDao in order to provide insurance on cryptocurrency losses. This is similar to what we know in traditional banks being backed by the government through FDIC.
Outlet Finance on-boarding is simply in four steps and guide is written in their help links. The interest earned for use of UST makes it very attractive and the future of having PhaseDao protection of the UST makes this very attractive to try out for all those living in the United States.
None of what I write is financial advice. It is for entertainment purposes only. Thanks for reading!
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