Crypto lender now lets you send money to any Twitter handle

The crypto community waited for cryptocurrencies to come to Twitter for ages. While this has yet to happen, a version of it already took place recently, as Ethereum-based P2P lender, Dharma, launched social payments.

Sending USD via Twitter

Dharma just introduced a new feature — one that allows users to send money to any Twitter handle. Now, the new feature seemingly only works for USD at this point, although this is still a major achievement. It is possible that it will be just as easy to send cryptos to one another in due time.

Interestingly enough, the receiver does not need to own a Dharma account in order to get the money. All that is needed for the process is that the sender deposits a certain amount to their own Dharma account.

After that, they can easily send it to any Twitter handle of their choice. As soon as someone does send them money, the recipients will start earning interest on it. This happens immediately, even before they claim it.

The interest rate remains unclear at this point. But, it is worth noting that Dharma currently offers an interest rate of 3.5% per annum.

About Dharma

Dharma is a company launched in 2017, which then relaunched as a new Compound-connected platform in 2019. Basically, the firm chose to allow users to tap into Compound’s liquidity pool, instead of offering its own platform, created on smart contracts.

This is also why lenders are now capable of immediately earning interests on their deposits.

Meanwhile, Dharma itself is performing rather well, as it is still backed by many major, trustworthy investors. One example is Coinbase Ventures, and others include Y Combinator, and Polychain Capital.

Dharma even managed to prove their support by raising $7 million last year, in February 2019. It used the funds to create its lending platform, which is completely decentralized. The platform also targets large investors and traders who work with cryptocurrency.