News
Sock App Revolutionizes Savings for Crypto-Curious Consumers with Secured Yields on Stablecoins of Up to 10%, Offering a Ray of Hope Amid Inflation Struggles
Sock App provides users with a reliable means of growth and mitigates the risk associated with digital currency investments by limiting the earning potential to stablecoins or Ethereum. “We are fundamentally democratizing access to better rates in a consumer-friendly way,” said Bryan Levine, CEO of Sock App. (Graphic: Business Wire)
SAN FRANCISCO, February 28, 2024–(BUSINESS THREAD)–Personal financial management tool Sock Application today announced the launch of a feature that allows users to escape market volatility while earning up to 10% vAPY on their savings*.
Despite declining from its peak of 9.1% in 2022, inflation remains a burden for many Americans. The cost of basic necessities like groceries, utilities, and gasoline has increased by 20% or more over the past three years. As inflation erodes the purchasing power of traditional savings accounts, more consumers are turning to stable digital currencies for higher annual returns, leveraging the effectiveness of blockchain technologies to combat inflation and rising costs of living.
“We are fundamentally democratizing access to better rates in a consumer-friendly way,” said Bryan Levine, CEO of Sock App. “Previously, these rates were only available through centralized exchanges that took a large cut of the interest earned, or through complex decentralized financial protocols used by the most hardcore crypto investors. By focusing on stablecoins and Ethereum, we have reduced the risks of investing in digital currencies while providing a significant upside for users struggling with inflation.”
How it works
The Sock App provides users with a reliable means of growth and mitigates the risk associated with digital currency investments by limiting earning paths to stablecoins or Ethereum.
Earning potential:
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By depositing funds through the Sock app, users can enjoy returns that are potentially 20x higher than traditional savings accounts, resulting in significant financial gains over time.
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For example, depositing $10,000 with Sock App could earn up to $950 more per year compared to the national average rate for savings accounts.
4 Steps to Beat Inflation with the Sock App
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Download the Sock app.
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Fund your account using your debit card, existing crypto wallet, or Coinbase account.
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Tap on the Earn category and choose your stablecoin to buy.
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Make your money grow. Start earning returns of up to:
Democratize access
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Previously, such high yields were only accessible to seasoned crypto investors or through centralized exchanges like Coinbase, which typically offer lower APYs.
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The Sock app democratizes access to premium rates for all users, leveraging industry-standard protocols like Aave to deliver a seamless, consumer-friendly experience.
“Whether you’re a curious crypto user looking for a safer, more secure way to combat inflation, or you’re part of an underbanked population that has lost faith in the financial system, Sock App is for you,” Levine said. “Cynicism about cryptocurrencies is legitimate, but by leveraging a self-custody model, stablecoins, and offering a safe, unbiased, and fair platform, we hope to reduce that skepticism and help the world move closer to adopting digital currency for a more equitable financial future. We see how inflation and rising costs of living are hitting the majority of hard-working Americans hard, and we hope this offering can provide some relief and help people find some stability.”
The story continues
About the Sock App
Developed by a team of former NerdWallet pros, Sock is a mobile financial app that helps the unbanked build wealth in the world of digital currencies. Sock offers an instant, reliable, and low-cost way to send money, invest, and earn with digital currencies anywhere in the world while maintaining complete control and ownership of your assets, data, and connections. The company was founded in 2022 and is headquartered in San Francisco. For more information, please visit www.sock.app.
* Base APY rates as of February 6, 2024. APYs are variable.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240227927411/en/
Contacts
Lydia Davey
lydia@sock.app