The developers of the Dharma app have enabled an API for buying crypto assets from bank accounts

The developers of the Dharma app have enabled an API for buying crypto assets from bank accounts

The DeFi Dharma app adds support for automated clearing house operations in 13 US states, which directly connects the app to bank accounts.

Support for an automated settlement and clearing center allows app users to directly buy crypto assets using money from bank accounts. When buying crypto assets from a bank account, a commission of 1.5% is charged, and the maximum amount of purchases is limited to $25,000 per week.

“Investing in DeFi has so far been a complex and high-tech process. Now it’s simple – you just need to download the app and connect your bank account, ” said Nadav Hollander, CEO of Dharma, in a press release.

Dharma adds the ability to purchase all crypto assets available on Uniswap, while offsetting the gas fee for all users. To access the services of the automated settlement and clearing center, Dharma uses the API of the financial company Plaid, Hollander said.

“We process transfers through an automated settlement and clearing center as part of a direct partnership with a well-known bank operating in the cryptocurrency industry,” Hollander said, without disclosing the bank’s name.

Purchases of crypto assets from bank accounts are available in the following US states: Arizona, California, Georgia, Massachusetts, Michigan, Montana, Pennsylvania, Texas, Virginia, Washington, New Hampshire, Wisconsin and Wyoming.

“Our goal is to bridge the last gap between traditional and alternative markets,” Hollander said.

Recall that Dharma Labs launched a
decentralized lending platform in April 2019, after raising $7 million from major investors, including Coinbase Ventures. In the summer of this year, the app added the ability to trade crypto assets.

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