How Beans can help you escape inflation!

Our mission

Here at Beans, we are on a mission. A mission to allow anyone to send and receive payments from anywhere in the world. It shouldn’t matter where they live, how their political or financial system is designed, or what their preferred currency is. Even worse is that some countries have low availability of financial services, combined with high inflation numbers.

This is where Beans wants to make the difference. Let me quickly introduce you to our app before diving deeper into how you can escape the ever-rising inflation numbers. Beans is a non-custodial wallet built on the Stellar network, that supports cross-border payments with zero fees. The platform is designed to remove all the complexity that comes with blockchain technology and tries to implement it in a way even your mother or grandmother would be able to use. Using Beans should be like using your bank app, without the bank part! To read more about the purpose of our app, follow this link to our app overview.

Escaping inflation

With current average inflation levels at their highest point in decades, almost everyone will start to feel the consequences of the pandemic and the monetary policies implemented worldwide. We at Beans, definitely do at least… and whilst we cannot change the current state of the world, we can offer you our solution to escape from it! Some countries like Venezuela, Argentina and Suriname are experiencing record-breaking inflation numbers, and Beans could be a safe haven to escape these failing monetary policies.

Let’s imagine a world where you can convert unstable currencies into more stable currencies like dollars at zero fee. While every dollar that is static in your account is automatically receiving yield. Even better; the yield you are receiving is better than with almost any bank out there! Except, it’s not the future; It’s called Beans — and it is now.

We have integrated a yield paying savings account that pays interest on your chosen currencies. Currently, we have support for US Dollars, Stellar Lumens, Ethereum and Bitcoin, but more currencies will definitely be supported in the future! The current yield for US Dollars is at around 9%, but the yields are floating, meaning they can go up and down as supply and demand change. Don’t worry though; Beans makes sure you always get the best rates!

With Beans, there is no lock-up period, no up-front costs that have to be paid and no performance fees. Our app and external connections all make use of the open-source and decentralised ledger from stellar, meaning there is no way to take your money away! Even if our app gets disabled, you don’t lose control over your money.

So what now?

Once we are live, it should be as easy as getting your debit/credit card out and depositing money on Beans. we are partnering up with anchors that will support deposits from all around the globe to make starting as easy as 1,2,3.

For example; Maria from Argentina wants to start saving as she feels that the Peso is not safe against inflation in her country. She will deposit Pesos on Beans using her regular bankcard. Next, she opens a USD saving account. She deposits all the money she does not need immediately into that account and will receive 9% yield. In her spendable balance, she also keeps some Pesos to the side to pay her friends and families if she needs to. When friends send other currencies to Maria, the app will automatically convert it. This way her brother Carl, who lives in the US, can easily send money to Maria. And the best part about all of this? All the conversions are done completely for free!

Currently, we are in beta and are adding new users every week. We are working hard to add as many on-ramps and currencies as possible, so you will always be able to deposit in a currency you prefer!

Conclusion

With our saving accounts we can help you mitigate the high inflation numbers. Our app will serve as your go-to wallet to send money to friends and family close by or far away, and at the same time function as your one-stop banking app. We at Beans are definitely excited to offer these services in these stirring times, and we hope you are too!

Now, are you excited to try Beans as well? Sign up for our waiting list at Beansapp.com and be the first to try us out!

Other links:

• Visit our official website at Beansapp.com!
• Read our other posts in our medium at Medium.com/@Beansapp!
• Get in touch with us at [email protected]!
• Join our discord at https://discord.gg/GPaNsZrcdP