• BankSith

DeFi for tie and suit bankers in a Mid-Life Crisis.





So you are in your mid end 40s and you know everything about banking? You got a little tired of listening to your chief economist of your bank who has been telling you for the whole last decade that this Bitcoin thing will never work? You are a master of t+2 securities settlment, FIX, SWIFT and RTGS? Well the problem is that most of this knowledge is completely worthless in Decentralized Finance (DeFi).


How about TVL, AMM, EIP 1559, ZK-Roll Ups, SNARK proof and impearment loss inside a liquidity pool? Trying to understand the economics and the underlying tech stack of any new DeFi liquidity pool these days still seems like taking a class in quantum physics for most traditional bankers. I know it sounds embarrassing as a banker, but you can also ask your 12 year old who is sure to be able to explain everything about DeFi and crypto assets. But there is another easy way to get started.


(Beginners guide to Uniswap, Aave and MakerDao functionality)



As a Swissborg Wealth App user, it is pleasant to find out that generating income on your crypto tokens in decentralized finance with a service provider can be a smooth and painless process. In addition, Swissborg helps you sleep better by saving 25% of all returns generated by DeFi as a safety net program for users of Smart Yield accounts. Keep in mind that this financial sector is still in its infancy and many use cases come with not only opportunities but also many risks.



(source: Swissborg)



So I just had to upgrade my account status for KYC purposes because I decided to earn some passive income on a few ETHs with the Swissborg smart yield account. Swissborg will manage my tokens in several different DeFi pools for me in the gigantic ocean of the internet of money. (To some degree Swissborg acts similarily to the famous and widely used DeFi protocol Yearn which is an aggregator service for decentralized finance investors, using automation to allow them to maximize profits from different yield farming projects.)

Using a 3rd party service provider for any crypto related purposes is a great thing if you want to dip a toe into this upcoming industry, however be aware that you will have to face a final boss who sits in the KYC department for all kind of crypto on-ramps and off-ramps.







As a former banker, I expected a verification process for the account upgrade to take 7 or so days to complete. Isn`t this something that your are simply familiar with from dinosaur banks who still work with fax machines and core banking systems that are certainly much older than their customers. 7 days. That is just 1 week of your precious lifespan. It took Swissborg 3 minutes to approve my phone bill upload on the Wealth app. 3 minutes! On a weekend! For those born in the early 80s, do you still remember Hannibal Smith from the A-Team? Let`s earn some yield on these ETHs now. I love it when a plan comes together!




Get the Swissborg Wealth App, enjoy secure MPC keyless crypto custody and earn yield on your crypto assets. Don't worry, the majority of the Swissborg team have never had to use a fax machine in their financial careers as they may just be too young. UX for champions.




DISCLAIMER: You know the drill. This is not investment advice and for informational purposes only. Always do your own research and never bet the farm if you want to learn and invest a small part of your hard earned money in DeFi.



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