DeFi Trading App Dharma Now Connects Directly to US Bank Accounts

Nov 2, 2020 at 16:00 UTCUpdated Nov 2, 2020 at 17:21 UTC.The startup for trading in decentralized finance, Dharma, has now enabled automated clearing house purchases in 13 U.S. states.

With the new feature, Dharma is betting it can stand out in the crypto space by making accessing blockchains easier, in much the same way Coinbase did.

"Making an investment in DeFi has, up until now, been a bifurcated and highly technical process. Now, it's as easy as downloading an app and connecting your bank account," Dharma CEO Nadav Hollander said in a press release.

Dharma will offer all the assets available on Uniswap, covering gas fees for all users.

Users can also trade between cryptocurrencies within the Dharma app.

To access ACH services, Dharma is using the API of financial services company Plaid, Hollander told CoinDesk via email.

It then introduced trading in July 2020.Purchases from bank accounts are available in the following U.S. states: Arizona, California, Georgia, Massachusetts, Michigan, Montana, Pennsylvania, Texas, Virginia, Washington, New Hampshire, Wisconsin and Wyoming.

The move comes on the heels of a Uniswap governance proposal put forth by Dharma being defeated over the weekend.

Update: Adds information on how Dharma is processing its ACH transfers.

Update: After initial publication, Dharma notified CoinDesk it had secured clearance to provide ACH services in three additional states, New Hampshire, Wisconsin and Wyoming.