Nook is a mobile app that provides access to decentralized finance (DeFi) lending protocols for earning competitive yields on deposits. It converts fiat to USDC and allows users to deposit funds into curated high-yield protocols like Aave and Morpho, with immediate withdrawal capabilities.
Funding
$2.5M 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.
Founders
Product
Problem
Traditional savings vehicles offer limited yield potential, failing to keep pace with inflation and provide meaningful returns on deposited capital. This forces individuals to seek higher-risk investment strategies to achieve their financial goals.
Solution
Nook is a mobile application that facilitates access to decentralized finance (DeFi) lending protocols, enabling users to earn competitive yields on their deposits. The platform partners with regulated entities to convert fiat currency into USDC, a stablecoin pegged to the U.S. dollar, ensuring stability and ease of transaction within the DeFi ecosystem. Users can deposit funds directly into a curated selection of high-yield earning protocols, such as Moonwell, Morpho, and Aave, with the flexibility to withdraw their capital at any time without lock-up periods or transaction delays. This approach provides a streamlined and accessible entry point into DeFi for yield generation.
Target Audience
The primary users are individuals seeking higher yields on their savings compared to traditional banking products, who are comfortable with digital asset management and accessing DeFi protocols through a user-friendly interface.
Features
- Mobile application for iOS providing access to DeFi earning protocols.
- Integration with Coinbase for fiat-to-USDC conversion.
- Direct deposit functionality into selected DeFi lending protocols (e.g., Moonwell, Morpho, Aave).
- Real-time yield projections and APY displays, averaging 7.6% over the last 12 months.
- Unrestricted liquidity, allowing users to move funds in and out of protocols without lock-ups or delays.
- Secure platform with a $250,000 bug bounty program conducted by Halborn.
- Transparent reporting of total assets under management and interest paid out.