Q: What is DeFiato?
A: DeFiato is a Centralised DeFi (CeDefi) platform. This means that it marries the essential features of a centralised platform with the entire universe of DeFi services.
DeFiato is a DeFi aggregator, allowing ANY DeFi service such as swapping, yielding farming, loans/borrowing, cross-chain or more to be easily accessible to all users, even if you’re new to DeFi.
Developed with simplicity and user-friendliness is at its core, DeFiato allows users to access DeFi services such as yield farming with a single click. It eliminates all the complex user processes such as gas payments or approvals, effectively simplifying an entire 10-step process with a single click.
Also, DeFiato will be introducing Fiat on-ramp service with Prime Trust to allow users to access the entire DeFi lifecycle from Fiat to Farm – all on one platform.
Q: How is DeFiato different from other platforms?
A: DeFiato is a first-of-its-kind platform boasting a full suite of services with an ultra-user friendly experience, which very few in the sector can claim. Majority of competitor platforms are mostly crypto structured products or “crypto neo banks” that aim to enable mainstream access to crypto, and not DeFi services.
Built to be beginner-friendly and easily accessible, DeFiato is focused on fundamental DeFi services, rather than just simple APY generation. For example, users will see 10 to 15% APYs on these competitors as they are native products, but for DeFiato, users will have full access to the entire spectrum of DeFi, which can go up to 4-digit APYs. Most importantly, DeFiato ensures maximum security and only works with well audited and blue-chip smart contracts.
Even in open-beta, DeFiato already has a growing pool of more than 10,000+ active users who are farming and growing their crypto holdings via the platform.
Whereas most other competitors are single chain focused (e.g Ethereum), another key difference is that DeFiato is fully cross-chain and essentially provides DeFi services as an intermediary. Other platforms which allow for more chains are usually wallets, and do not enable users to access DeFi services within their application.
DeFiato also has a basic app available for download on the Apple store and Google Play. Users can expect full functionalities on the app in time to come.
The platform is also accelerating the development of new offerings and features, and users can look forward to a full-fledge one-stop DeFi platform in the near future.
Q: How safe is DeFiato? Are there any risks?
A: DeFiato takes the responsibility of ensuring safety and security very seriously.
That’s why the platform undergoes constant pen-testing and internal audits on its technological framework. None of its technical elements are off-the-shelf components – everything is internally built according to best-in-class framework for custodial management and best practices for cold/hot wallet management.
DeFiato also sets high standards for the services it offers, only onboarding well-audited contracts both by external auditors as well as multi-factored internal audits. Its upcoming partnership with Nexus Mutual, will also insure against smart contract failures and exchange hacks, providing an additional safety net for users.
With any platform or digital assets, there are always risks associated with exploits, so users should always DYOR and ensure best practices with their personal security and decisions before proceeding. Also, assets are volatile in nature and can fluctuate thereby reducing projected APYs. These are important factors to consider before proceeding with any DeFi service.
Q: How does DeFiato manage global issues on regulations?
A: Since DeFiato does not provide crypto or digital payment services beyond simple custody as all services are user self-initiated, the platform acts only as an intermediary.
DeFiato is not an exchange, neither does it plan to become one. The platform does not have an order book and does not do order matching for users. It also does not provide OTC services. Fiat on-ramp is done via established and regulated partners with DeFiato as an intermediary. DeFiato also does not provide fund management services.
However, DeFiato requires KYC for withdrawal limits as funds are custodised (Note: custody is different from management since the platform does not trade on users’ behalf). With this, DeFiato complies with regulations and submits licenses for custodial services.
Q: Is DeFiato open to users from all over the world? Are there any KYC requirements?
A: Being a CeDeFi platform, DeFiato is open to most countries except for sanctioned nations. More information can be found on the website during account setup.
There are KYC requirements to ensure compliance due to the custody of digital assets. For withdrawals above 2BTC, there will be full KYC required.
Stay tuned for our FAQ Part II to find out more about DeFiato’s next steps and more.
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Get to know us better from our official Socials.
Please note that any other link that claims to be DeFiato should not be trusted. We will only give updates via our official portals.
Website: https://defiato.com/
Telegram: https://t.me/DeFiato
Announcement: https://t.me/DefiatoChannel
Twitter: https://twitter.com/DeFiatoOfficial
DeFiato – Let’s Farm and Forget.
