Wrapped Celo (WCELO), now tradable directly from a bank account using Dharma
Once you’ve installed the app, getting started is easy. Simply follow the on-screen prompts, connect your bank account and complete verification. Once verified, you can use the
Buy Crypto button on the home screen to search for WCELO, and voila, you’ve found a tradable 1:1 equivalent of Celo on the Ethereum network.
Stay tuned, because more wrapped assets are coming soon!
Dharma’s goal is to be a gateway to DeFi, to make it easy to do anything in the space, from investing in crypto-assets to using lending pools, from providing liquidity on DEXs, staking tokens or trading wrapped assets like WCELO. They enable all of this functionality, directly from your bank account.
Under the hood, there are three core “layers” to Dharma:
- A non-custodial smart contract wallet
- A mobile app that integrates with DeFi protocols
- A service for converting fiat-currency (aka dollars) to crypto-assets
The Dharma Smart Wallet
Dharma’s foundational layer is the Dharma Smart Wallet, a special kind of cryptocurrency wallet.
Their wallet is “non-custodial”, which means that no one, not even Dharma, can interact with your funds without your permission. This means that you can take your money with you, wherever you go in the world, and you can rest assured that so long as the Ethereum blockchain exists and you maintain good security over your funds, your money will be safe.
The Dharma Smart Wallet is also a “smart contract wallet”, which provides several benefits. First, you don’t need to worry about submitting transactions to the blockchain, it takes care of that for you. Second, should you ever lose access to your account, you can request an Account Recovery, which enables you to regain access to your funds.
The Dharma App
Using the Dharma app you can:
- Deposit crypto-assets to your Dharma Smart Wallet
- Track your historical portfolio value
- Set price alerts on tokens you want to follow
- Swap crypto-assets using decentralized exchanges like Uniswap, Curve, and Balancer
- Invest in Lending Pools like Aave, Compound, and Yearn
- Provide liquidity to Automated Market Makers
- Participate in DeFi governance by delegating your votes and voting on proposals
- Trade wrapped assets like WCELO
Dharma’s fiat-to-crypto conversion services enables you to use DeFi directly from your bank account — you can trade up to $25,000 per week.
Wrapped is part of a collaboration from Tokensoft. Tokensoft is a leading technology platform for blockchain-enabled assets. The Tokensoft platform enables forward-thinking enterprises, asset managers, and financial institutions to fundraise, manage investors, and access secondary market liquidity using the blockchain.