DeZy Referral Code: 8c5a5f (Review, Usage Notes and Referral Benefits)

Decentralised finance, made easy. Frictionless, user-friendly access to higher returns

Receive a S$25 sign-up bonus when you sign up with DeZy via the referral link, or referral code: 8c5a5f, and deposit at least S$500. Terms and Conditions apply.

Table of Contents
Note: contents in this article were originally published on sgcryptoinvestor.com, and going forward, any edits would be only be found on sgcryptoinvestor.com

Company

Decentralised finance, made easy. Frictionless, user-friendly access to higher returns.

DeZy is a Singapore based fintech established in 2021. It was started by four co-founders:

  • Eric Dadoun (CEO)
  • Harald Lang (CTO)
  • Sharmini Ravindran (CMO)
  • Simon Landsheer (strategic advisor)

Business model


DeZy is a tech stack that manages xSGD. They help to deploy xSGD to generate a yield available for users. As of February 2022, the payout rate is up to 5.65% APY.

This service helps non-crypto users and those looking for passive yield opportunities access the benefits of decentralised finance in a simplified manner.

Investment process flow
Investment process flow

Users are only involved in the first step of depositing fiat Singapore dollars from banks and last step of withdrawing back to banks.

DeZy helps to abstract away other portions of the DeFi yield generation process like:

  • foreign exchange
  • crypto asset wallet management
  • deployment of funds to DeFi via partners
  • DeFi risk mitigation

For more details, visit DeZy’s blog

Key points:

  • DeZy is never in custody of users’ funds.
    • They only facilitate user funds to move between onboarding partners and the DeFi protocols integrated with.
    • This also means that if for whatever reason DeZy were to go offline or become unavailable, user funds are still present and recoverable on the blockchain.
  • At no point in the DeZy process are funds used for leverage trading, paying out other users or anything other than allowing users to yield on their balance.
  • DeZy does not hold or expose funds to Bitcoin, Ethereum, or other volatile crypto assets.
  • DeZy earns from the spread generated on top of the interest payout offered to customers.

Risks

DeZy works with proven protocols, and stablecoin single-sided yield strategies. However, nothing is 100% safe and funds are still exposed to the risks of underlying protocol hacks/failures and smart contract hacks, where the loss of funds is possible.

Investors

  • DeZy raises US$2.2M in Pre-Series A funding round led by Leo Capital with participation from Iterative Capital. [Feb 2022]
  • Undisclosed funding from Singapore investors such as DeFiance Capital, HH Investments, Impiro, and angels such as Tranglo founder HY Sia [Sep 2021]

Presence in Singapore

  • DeZy is currently headquartered in Singapore.
  • Entity: Dezy Pte Ltd (UEN: 202116623N)
  • Address: 68 Circular Road #02-01, Singapore 049422 [Feb 2022]

Regulation by Monetary Authority of Singapore (MAS)

DeZy is not licensed by MAS.

DeZy is structured to operate within the existing regulatory framework in Singapore. The team is mindful of only offering permitted services.

DeZy is constantly monitoring their business model together with their Singapore legal team and 3rd party partners to ensure an up-to-date view of the regulatory environment in Singapore and appropriate compliance.

Social media

✔️ Unique Selling Proposition (USP)

Easy to get started | Streamlined access to crypto investing

Novice crypto investors who are just getting acquainted with crypto asset investing are one DeZy’s targeted market. DeZy allows one to grow their wealth with DeFi protocols without having to understand the intricacies of blockchain.

There are no complicated blockchain transactions. Customers just have to deposit funds and watch them compound over time.

Returns compound daily

For each day that one leaves their deposit in DeZy, their interest compounds.

Withdraw anytime you want

With DeZy there’s no lock in period, which means users can withdraw funds anytime they need.

Zero fees

DeZy operates on a zero fee structure and earns from the spread generated on top of the interest payout offered to customers.

❌ Drawbacks

Lower interest compared to other platforms

The payout interest offered by DeZy is lower than other competitors.

Maximum cap on investment amount

Investors can deposit up to $20,000 in each transaction. However, the total deposit value per account is capped at $30,000.

Accounts can continue to yield above the $30,000 balance, meaning that total balances (total value of deposits and savings made through yield) in DeZy can go above $30,000.

Usage Notes

Depositing funds

DeZy supports FAST transfers into a unique CIMB deposit account. Instructions are available via DeZy mobile and web dashboard.

My first transfer was $200 (minimum investment amount) from a POSB account via FAST and it was reflected within minutes inside my DeZy account balance.

When performing bank transactions related to crypto, it is strongly advised to not use words like “crypto”, “bitcoin” etc inside the comments/description of the transaction.

Learn more on crypto investing in Singapore

For more crypto-related insights and promotions from a Singapore perspective, visit SgCryptoInvestor.com.
Auntiehuat
Auntiehuat
Web Administrator

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