Listen to this articleBelow is our recent interview with Tim Frost, the Founder and CEO of YIELD App:
Q: What is YIELD App?
A: YIELD App is a digital wealth management platform launched in February 2021 that enables anyone to earn from digital assets at the touch of a button. Thanks to our intuitive web platform, users around the world can start earning returns on their cryptocurrencies without having to go through a lengthy, complex, and often costly learning process.
We believe that everyone should have access to the best investment opportunities. As such, our mission is to unlock the full potential of digital assets, combine them with the most rewarding opportunities available across all financial markets and make these available to the world. To achieve this, we provide an innovative wealth management platform that bridges traditional and decentralized finance in the easiest way possible.
YIELD App users simply deposit their digital assets to earn an APY of up to 18% on US dollar-backed stablecoins USDT and USDC, and up to 12% on Ether (ETH) and Bitcoin (BTC). At the core of our strategy is our $YLD utility token, which rewards community members with a higher yield the more YLD they hold in their on-platform wallets, with the highest APYs available to Tier 5 members that hold 20,000 YLD tokens or more.
Q: Any highlights on your recent announcement?
A: YIELD App is extremely proud of the work we are doing through our partnership with Africa Blockchain University to educate African artists about NFTs and enable them to take ownership of their art and wealth. This partnership, which sees us conduct workshops for artists in Africa, is a great example of how YIELD App brings education about digital assets to all parts of the world. After the first successful workshop in Tanzania, which was attended by some 40 local artists, we followed this up with another workshop in Uganda on Thursday, November 25 in Kampala.
The beauty of digital assets lies in their ability to open up financial opportunities to all sectors of society, in all parts of the world. YIELD App is fully committed to driving financial inclusion and making the financial freedom offered by digital assets and decentralized finance (DeFi) available to everyone, everywhere. This is especially key in developing regions such as Africa, which are so often locked out of financial opportunities that are more widely available in more developed parts of the world.
One of YIELD App’s core aims is to ensure everyone in the world has access to the best financial opportunities. Digital assets operate across borders and we truly believe that they are a key solution to driving financial education and the associated freedoms that increased financial and digital literacy can bring. While many citizens in some developing nations don’t have access to a bank account, internet penetration is often high, allowing broad access to digital asset wealth management platforms such as YIELD App.
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Q: Can you give us more insights into your offering?
A: We pride ourselves on being a licensed offering that is working with regulators to make cryptocurrency and digital assets a safe, open place for everyone. We operate under an Estonian cryptocurrency license (DASP registration number 16099555) that governs in-app digital asset activities, which is supported by a SIBA registered Cayman based Investment Manager (Ref No. 1885612) while we are progressing additional advisory, wealth and portfolio management license applications in tier one regulatory jurisdictions. Additionally, we operate in accordance with applicable laws and regulations and in line with EU AMLD5 and AMLD6 and sit as an Advisory Council member at Global Digital Finance, a leading global members association advocating and accelerating the adoption of best practices for digital assets.
Our portfolio and risk management operations are also central to what we do. YIELD App has developed a proprietary risk model for decentralized finance (DeFi) that assesses five key pillars of risk through which we plot and score over 25 key data risk points. For external funds, we work with leading corporate and fund due diligence specialists, overseen by our Chief Investment Officer Lucas Kiely, to analyze both the operational capability of managers and their administrators alongside their investment strategies and performance. We apply widespread diversification to our model combined with a pool of reserves to guard against malicious events. The benefits of this approach significantly reduce overall portfolio risk exposure.
We recognize that auditing is essential in this space, and as such YIELD App has employed the services of auditor Armanino LLP to produce quarterly, independent reports that verify our reserves and wider balance sheet (Q4 2021). This will include an independent audit of the protection pool reserves alongside other solvency ratios. Armanino is an industry-leading audit firm that counts top global exchanges, protocols, stablecoin issuers, and digital asset wealth management platforms among its clients.
Q: What can we expect from your company in the next 6 months? What are your plans?
A: Since our launch just 10 months ago, YIELD App has been working tirelessly to continually improve our platform and deliver key products and services. These have included the launch of our Bitcoin fund alongside fiat currency on-ramps over the summer.
Behind the scenes, our developers have also been working around the clock to roll-out our Version 2 (V2) platform upgrade, which will deliver a whole new UX, full-cycle swaps, auto-compounding, a raft of enhanced security features including address whitelisting and user activity logs, the ability to easily download transactions for tax reporting, as well as the ability to stake and lock YLD for enhanced returns.
This iteration is currently in its final phase of internal testing before it moves to closed testing with users that registered their interest with us. This will be followed by the launch of our mobile app, cross-chain capability and increased on-platform assets in 2022, and many more future innovations as we grow and develop.
Q: What is the best thing about your company that people might not know about?
A: We at YIELD App really do care about what we are doing. We are driven by a desire to actively increase participation in digital assets so that people that have struggled to grow their wealth in the face of low interest rates and/or rising inflation can build a more secure financial future for themselves. We want to empower individuals to control their own financial destiny.
This drives all of our partnerships and initiatives: from our partnership with grassroots soccer club West Ham United in the UK, to our initiative with the Africa Blockchain University to our most recent documentary collaboration with Fintech Circle on their “Responsible Fintech” program. We want to propel digital assets into the mainstream and, in turn, create a brighter financial future for as many people as possible.
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