Finder Earn now allows all Aussies to earn 4.01% on their capital

Posted: 7 March 2022 1:14 pm
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Finder Earn – which offers consumers 4.01% on their capital – has been extended to all Australians aged 18 and over.

After a successful initial launch to the first 1,000 members on its waitlist in November 2021, Finder Earn is now open to all Australians who use the Finder App.

Users deposit Australian dollars into their Finder Wallet in the app and then convert that into TAUD stablecoins, which are lent to Finder to earn a return on their capital.

This functions as a cryptocurrency-based loan to Finder in return for the rate – but without the volatility normally associated with digital currency.

If you were to transfer the maximum initial balance of 50,000 TAUD to your Finder Earn wallet, you could earn more than 2,000 TAUD in a year on your capital. TrueAUD is a stablecoin pegged to AUD at 1:1 (i.e. 2,000 TAUD could be converted to $2,000 in your Finder wallet).

Angus Kidman, Finder's editor-at-large, said the response to Finder Earn had been incredible.

"There is nothing like this in Australia that pays you a daily return on your capital.

"In this economic climate, it's fantastic to be able to offer 4.01% p.a.

"Being able to earn like this might have seemed far-fetched 12 months ago – but the world of crypto is moving fast."

Kidman said Finder Earn was an exciting place to grow the wealth amassed during the pandemic.

"Restrictions and lifestyle adjustments have led to levels of savings in Australia that we haven't seen for years."

Users can withdraw and convert their Earn balance at any time with no fees.

Kidman said Finder Earn is a good option for those who want attractive returns on digital assets without the volatility normally associated with digital currency.

"Finder Earn is an innovative way of getting a more attractive yet fixed return on your capital.

"The financial world as we know it is changing and we are giving Aussies a chance to participate in this new ecosystem."

According to Finder's February 2022 Consumer Sentiment Tracker, 18% of Australians now own cryptocurrency, up from 13% in March 2021.

According to the survey, 32% of generation Z and 33% of generation Y already own cryptocurrency.

Unlike other digital assets such as Bitcoin, stablecoins are typically tied, pegged, backed or collateralised against the corresponding currency or asset they reflect in the blockchain ecosystem.

Kidman said the new feature within the Finder app will help Aussies grow their wealth.

"This is an innovative product for the next generation of wealth creators," he said.

Finder began helping Australians compare cryptocurrencies in 2017. Members have been able to trade Bitcoin and Ethereum in the Finder app since May 2021.

Kidman said now is the time for Aussies to realise the benefits of digital currency.

"Our mission is to help people make better financial decisions. Understanding crypto is not easy and we are helping to demystify it.

"In 2021, we announced a 'Bitcoin-for-beginners' way to trade crypto through the Finder app. Using the app, you can start trading in just 3 minutes.

"We see Finder Earn as a bridge for everyday Aussies to experience the possibilities of digital currency in a less volatile way."

Finder Wallet is an AUSTRAC-registered digital currency exchange.

The Finder app is free and available to download in both the App Store and Google Play Store.

Learn more about Finder Earn and how to use it here.

Disclaimer: Please note that Finder Earn is not a banking product and will involve cryptocurrency. Finder Wallet is not a bank. Terms and conditions will apply. Finder Earn is made available in the Finder app, powered by Finder Wallet Pty Ltd, an AUSTRAC-registered digital currency exchange. There are risks with cryptocurrency and related products. We suggest you seek independent financial advice prior to accessing our services.

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