Dezy Pte Ltd UEN: 202116623N, 
68 Circular Road #02-01, Singapore 049422

Savings Plan - Your bridge to future finance.

Sharmini Ravindran

CMO at Dezy
Published on 02.11.2021
Get up to 5.65% a year
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Looking for a savings plan in Singapore? Higher yields? Yes. But what does Dezy actually do for you, so you can gain access to these yields? 

Dezy is a tech stack that manages xSGD. We deploy xSGD to make a yield available to you.

This helps non-crypto users and those looking for passive yield opportunities access the benefits of decentralised finance in a secure way.. Alongside the core product offering we are also eager to empower our users with knowledge and resources to further their understanding regarding the growing world of crypto, DeFi and its various components.

Sounds good, right? We hope so! Let's go deeper. Sign up to our newsletter to get a monthly update on the state of finance and hear first about our competitions and giveaways.

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Before anything, what if the Dezy platform goes offline? Where is your money and can it be retrieved!? Delving into the world of decentralised finance can be stressful when you're starting out. Concepts are vague, and you don't quite understand how the pieces fit together. We're here to help break it down.

Welcome to the beauty of blockchain.

What is blockchain in finance
Source: https://www.investopedia.com/terms/b/blockchain

Now that you gain a sense that decentralised finance is built upon blockchain technology (in this case a public database). This means that Dezy is never in custody of your funds. We facilitate your funds to move between our on boarding partners and the DeFi protocols we’ve integrated with.

What that means is that if for whatever reason Dezy were to go offline or become unavailable, your funds are still present and recoverable on the blockchain. Through our on-boarding partners and through the security of the blockchain, your funds would still be technically retrievable. At no point in the Dezy process are your funds used for leverage trading, paying out other users or anything other than allowing you to yield on your balance. 

In, yield, out. Anytime.

Literally whether Dezy remains online or offline.

Doesn't that make Dezy just another rent seeking middle man? No. 

We’re in the first round of a process that we have mapped out with respect to product offerings and features. Through simplification and education we are a starting point for users who want to optimise their yield and learn more about how they can benefit from the crypto ecosystem.

For users who are already crypto natives or willing to dive in fully, we encourage you to do so! For users who want more guidance, Dezy is here specifically for that and we will help you go further.

The matrix above gives you a clear idea when contextualising Dezy amongst other financial products available to you across banks, traditional finance, and the cryptocurrency space. Starting to think about your savings plan? It's important to understand how each of these services are differentiated across both ease of use, and yield potential.

Here are several areas that we are simplifying for our customers.  

Beyond educational resources there are several financial processes that we are simplifying for our users.  

Foreign Exchange

When deploying your Singapore Dollars directly into Decentralised Finance via stablecoins you are most likely going to be facing foreign exchange fluctuations between your Singapore Dollars and the commonly US Dollar denominated stablecoins that drive the cryptocurrency industry.

Not with DeZy. We absorb those costs for you and allow our users a simple Singapore Dollar denominated way to generate yield. As you're starting to understand yielding this can be the difference between having to wait a year, or a month to see a difference to your base capital.

Deposit Singapore Dollars through our on-boarding partners, track Singapore Dollars in your Dezy dashboard and withdraw Singapore Dollars anytime you want. All without lock-in periods and without worrying about USD <> SGD foreign exchange fluctuations.

Blockchain Transaction Fees:

There are two components to transaction fees when dealing with stablecoins. First of all you need to pay a transaction fee to whichever on-ramp you select be it an exchange, a payment gateway or otherwise. Relatively standard whether it's stablecoins, crypto or traditional products both online and offline.

Beyond that there are fees related to blockchain transactions which are commonly referred to as gas fees. These are akin to credit card processing fees every time you swipe your card and in the case of blockchain transactions, there are quite a few along the way. Users face transaction fees every time they engage with the blockchain so that includes depositing stablecoins, withdrawing them or sending them between wallets.

Again, not with DeZy. We absorb these costs on behalf of our users so as to provide a cost efficient and simple way to engage in Decentralised Finance.

Related: What is a Stablecoin? Bitcoin vs Stablecoin and more...

Related: What is DeFi? How is it different from Crypto and Bitcoin?

Wallets:

To initiate the actions above that would trigger transaction fees and to fully immerse yourself into the world of decentralised finance, you would need a hot or cold wallet. This means you need to directly manage your own blockchain transactions, be comfortable navigating sites such as Etherscan, tracking hash keys, seed phrases and more. Impossible? Not at all! Easy to get started with for someone new to the industry or someone looking for passive opportunities? Also not at all!

With Dezy you don’t have to worry about that. With Dezy you can begin your journey within a familiar environment while levelling up your skills, knowledge and yield.

Risk Mitigation:

Did you know that there are places within Decentralised Finance that you can generate upwards of 1000% APY? Sounds amazing, right? May as well be playing slot machines at the casino. 

Apart from APY not being reflective of APR, there are a lot of opportunities within DeFi where users lose funds due to malicious team activity, unstable technology, poor technical infrastructure and other factors. Technology risk is not specific to crypto or DeFi but it is certainly something that a user needs to understand how to navigate and assess. 

Know how to connect your cold wallet to a metamask so that your cryptocurrencies are stored safely? Understand the different platform and protocol risks you're taking on as you deploy your stablecoins or cryptocurrencies? Great. No? Dezy is a great hedge against rug pulls that can happen deeper in the DeFi rabbit hole.

There are further steps we plan to take to mitigate these issues such as insurance for your stablecoins (watch this space. Sign up for our newsletter to be the first to hear when we implement DeFi insurance). There will always be risks though in any technology whether “new” or “legacy”.  

Dezy only integrates with high quality protocols that have been audited, “battle tested”, are well financed and backed. etc and through our tech stack ensures diversification of protocols that user funds are directed into. 

So, set and forget, right?

No. This is step one in your journey with DeZy. In addition to giving you better yielding opportunities than are commonly available in the traditional finance world, we are here to educate and provide useful resources to further your knowledge on this space. Learn more about our team or read our frequently asked questions.

We have a lot of features, products and tools planned to empower you. We're excited to be on this journey with you.

We know that new technology is scary, confusing and sometimes overwhelming. We know you have questions. We’re all going to make it (WAGMI); together.


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Disclaimer:

Decentralised finance is an emerging field with fluid regulations. Learn more about the risks involved.

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    Dezy Pte Ltd UEN: 202116623N, 80 Robinson Road, #08-01, Singapore 068898
    Disclaimers:
    1. Decentralised finance is an emerging field with fluid regulations and not without risk.
    2. Dezy is not licensed by the Monetary Authority of Singapore.
    3. Learn more about how we mitigate risk for consumer protection with insurance, diversification, and technical security measures.
    4. Dezy insurance coverage applies only to certain assets / protocols where insurance is applicable. Learn more about insurance.
    Dezy Pte Ltd UEN: 202116623N, 80 Robinson Road, #08-01, Singapore 068898