Fintech startup Seashell created a buzz in the industry after announcing its US$6 million dollar seed round that was backed up by big names in fintech.
This include Mark Cuban, CEO of Robinhood Vlad Tenev, Polygon co-founder Sandeep Nailwal and more.
Seashell plans to create a consumer-first modern banking and investment platform.
The company promises many enticing benefits for its app users, which includes:
- Free sign-up
- High yield (10%) and low risk at the user's end
- Automatically generated money for users 24/7
- Easy deposit & withdrawal
- Bank-level security
Seashell’s investment plan to obtain high yields includes a diversified strategy of investing in both safe-haven assets like gold and investing in dollar-pegged digital assets that attract borrowers who are willing to pay higher interest fees.
Daryl Hok, CEO of Seashell mentioned, "Higher interest rates exist, but they are hard to access for the average consumer."
Hok’s previous experience was a role as the chief operating officer at blockchain audit firm, CertiK.
Inflation is rising globally with the US dollar's inflation rate climbing 7% in 2021.
With the inevitable high inflation, the traditional consumer is losing their money’s value saved at a bank that generally provides low interest rate.
Mark Cuban said, "Seashell is a simple solution for people to be ahead of rising prices".