Sock is a self-custodial mobile app that enables users to earn up to 10% variable APY on their crypto assets, including USDC, USDT, DAI, and ETH, by abstracting complex DeFi protocols into a single tap. The platform allows for instant, fee-free transactions across 60+ countries, ensuring that users maintain full control and security of their funds on the blockchain.
Funding
$2.8M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
HVFounders
Product
Problem
Many cryptocurrency users face challenges in earning yield on their assets due to the complexity of decentralized finance (DeFi) protocols and the need to manage private keys securely. Centralized exchanges, while simplifying the process, introduce custodial risks and often charge opaque fees, reducing potential returns.
Solution
Sock is a self-custodial mobile application that simplifies access to DeFi yield opportunities, allowing users to earn variable APY on crypto assets like USDC, USDT, DAI, and ETH. The platform abstracts away the complexities of interacting with DeFi protocols, providing a user-friendly interface for earning, investing, and sending cryptocurrency. By operating on the Arbitrum blockchain, Sock enables instant, fee-free transactions (excluding Bitcoin) in over 60 countries, while ensuring users retain complete control and security of their funds. Users can also buy and sell a wide range of cryptocurrencies, including BTC and ETH, directly within the app.
Target Audience
Sock targets cryptocurrency users who seek a simplified and secure way to earn yield on their digital assets without relinquishing control to centralized exchanges.
Features
- Self-custodial wallet ensuring users maintain complete control over their private keys
- Simplified interface for earning yield on USDC, USDT, DAI, and ETH
- Support for buying, selling, swapping, sending, and receiving crypto assets on the Arbitrum and Bitcoin networks
- Fee-free transactions (excluding Bitcoin) enabled by the Arbitrum blockchain
- Integration with the Arbitrum network for fast and inexpensive transactions
- Available in 60+ countries on iOS and Android platforms