Nuo Network Announces Wyre Integration for Mainstream Adoption, Lets Users Earn Interest with Debit Cards
Starting today, cryptocurrency users in the United States will be able to earn interest on their digital assets. Decentralized finance (DeFi) marketplace Nuo Network is partnering with Wyre to open peer-to-peer lending and borrowing to millions of people in the country. Users will only need to link a debit card and they’ll be able to convert funds into stablecoins and start earning interest.
Nuo and Wyre are both cryptocurrency initiatives that create alternatives to traditional banking. Using Wyre’s regulated & compliant fiat on-ramps and trading engine, Nuo brings U.S. users access to a global debt marketplace. The service already counts with thousands of orders, $6 million in reserves, and $2.5 million in margin loans. A significant opportunity for borrowers and margin traders, as well as anyone looking to earn interest.
Another important feature is a commitment to security. Contrary to similar services, Nuo is non-custodial. It is completely peer-to-peer, open-source, and decentralized. This means that Nuo users lend and borrow funds directly from their own digital asset wallets. These are then locked in smart contract based accounts that Nuo does not have access to, leaving them in complete control at all times. Other cryptocurrency lending platforms require deposits that expose users to exit scams, hacks, and potential security risks.
“We are excited to partner with Wyre to enable users in the US access a global financial system in a frictionless way. We believe this is the first mainstream use case for cryptocurrencies, which can increase adoption without exposing users to price volatility. We have created the simplest interface for on-boarding new users to crypto by removing complexities of blockchain and Web3 stack.” – Varun Deshpande,