SAN FRANCISCO--(BUSINESS WIRE)--Personal financial management tool Sock App today announced the launch of a feature that enables users to escape market volatility while earning up to 10% vAPY on their savings*.
Despite easing from its 2022 peak of 9.1%, inflation remains a burden for many Americans. The cost of essentials like groceries, utilities, and gas has surged 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 APYs, leveraging the efficiency of blockchain technologies to combat inflation and the rising cost of living.
“We’re fundamentally democratizing access to better rates in a consumer-friendly way,” said Sock App CEO Bryan Levine. “Previously, these rates have only been available through centralized exchanges who take a huge portion of your interest earned, or through complicated decentralized finance protocols used by hardcore crypto investors. By focusing on stablecoins and Ethereum, we've de-risked investment in digital currencies while providing a tremendous upside to users struggling with inflation.”
How It Works
Sock App provides users with a dependable means of growth and mitigates the risk associated with digital currencies investments by constraining earning avenues to stablecoins or Ethereum.
Earning Potential:
- By depositing funds through Sock App, users can enjoy a potentially 20x higher yield than with traditional savings accounts, translating to significant financial gains over time.
- For instance, depositing $10,000 with Sock App could yield up to $950 more annually compared to the national average savings account rate.
4 Steps to Beat Inflation With Sock App
- Download Sock App.
- Fund your account using your debit card, existing crypto wallet, or Coinbase account.
- Tap on the Earn category, and choose your stablecoin for purchase.
- Grow your money. Begin earning a yield that is up to:
- 20x higher yield than your standard savings account.
- 2x higher return than your average high-yield savings account.
Democratizing Access
- Previously, such high returns were accessible only to seasoned crypto investors or through centralized exchanges like Coinbase, which typically offer lower APYs.
- Sock App democratizes access to superior rates for all users, leveraging industry-standard protocols like Aave to provide a seamless and consumer-friendly experience.
“Whether you’re a crypto-curious user looking for a safer and more secure way to beat inflation, or part of an underbanked population that’s lost faith in the financial system, Sock App is for you,” said Levine. “Cynicism about cryptocurrency is valid, but by leaning into a self-custodial model, stablecoins, and offering a platform that’s safe, unbiased, and fair, we hope to reduce that skepticism and help the world move one step closer toward adopting digital currency for a more fair financial future. We see how hard inflation and the increased cost of living is hitting the majority of hard-working Americans, and we hope that this offering can provide some respite and help people regain some stability.”
About Sock App
Developed by a team of former NerdWallet professionals, Sock is a mobile finance app that helps the unbanked build wealth in the world of digital currencies. Sock provides an instant, trustworthy, 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 6th, 2024. APYs are variable.
Contacts
Lydia Davey
lydia@sock.app