STASH capital has partnered with Asia Digital Bank to provide the advantages of offshore banking and more in their upcoming metaverse STASH City.
They are the first and only DeFi project with a bank partnership able to offer digital banking services with crypto.
Users will be able to conduct all regular banking services by taking advantage of this overwhelmingly disruptive technology. For example, paying rent, utility bills, mortgages, and bank loans will be effortless. In addition, users will have access to a prepaid card that they can use like any other debit card.
The fact is that this unique value proposition goes way beyond what other credit card providers within crypto are providing.
Source: ADB Website
By connecting traditional finance to the world of crypto, STASH is opening a new paradigm for managing and spending various fiat and cryptocurrencies.
The ecosystem is now offering its native coin, STASH, a self-compounding token that will be useful in the upcoming metaverse. There is no need to stake it; it compounds by itself just by being present in your digital wallet.
Users can store $STASH and other cryptocurrencies, convert them to fiat and spend using the prepaid card.
Source: STASH Capital Website
STASH is a high-yielding, auto-compounding, auto-staking token rebasing every 15 minutes. The annual APY is currently stable at a whopping 409,494% APY which won’t decrease in the first year. You are in luck because the token launched on the 31st of May 2022; this means you couldn’t get in any earlier to enjoy this APY for as long as possible.
You might feel tempted to ask how this is possible, and that’s definitely a valid and essential question.
The protocol automatically burns two percent of trading fees to control supply, four percent returns to liquidity, and five percent goes towards the STASH safety fund. The safety fund stabilizes the price in case of a significant drop in value and helps sustain the long-term fixed APY. Furthermore, two percent goes toward marketing and increasing token utility.
Source: STASH documentation
Let your STASH grow automatically and without staking just by holding it in a web3 wallet such as metamask or trust wallet. Watch your STASH compound in a slick dashboard, lean back and hodl.
The team behind STASH capital is fully doxxed and led by CEO Oliver Maratos. Oliver has previously spearheaded several crypto-related companies and was the CSO of a blockchain development company focused on digitizing gold on the Bitcoin blockchain.
Stash holders can apply for digital banking through STASH website, you can fill out this form to express your interest in the credit card service. In addition, the STASH token sale has just begun at Trader Joe, so head over there to start stashing tokens on autopilot.
Offshore banking quickly gets associated with entities trying to avoid paying taxes or criminals trying to whitewash funds. While this has happened in the past, one thing needs to be clarified. Offshore banking is 100% legal, and contrary to popular belief, anybody can do it.
Countries like Switzerland, the Cayman Islands, and Bermuda are well-known for providing this service. Yet, there are many more that facilitate this type of banking.
Let’s quickly cover the most common offshore banking benefits
Because many countries have unreasonable tax rates, companies take advantage of offshore banking. Authorities in the resident country cannot access offshore funds, and assets are protected.
Suppose you reside in multiple countries or move around to conduct business. In that case, offshore banking will make managing your finance much smoother.
Offshore banks are accessible from anywhere, 24-hours a day, regardless of time zone.
Conducting business and managing finance in countries with uncertain economic climates and high inflation can put bank accounts at risk, and authorities can even seize accounts.
The majority of countries providing offshore banking have strict confidentiality laws in place, allowing greater anonymity and account information to remain undisclosed.
Higher interest rates
Offshore banking accounts usually have higher interest rates than accounts in the home country, especially for long-term arrangements.
Because governments interfere less, offshore account holders can take advantage of a wider variety of investment opportunities that wouldn’t have been accessible otherwise.
These include currency diversification, foreign bond markets, and transaction execution in multiple currencies, to name a few.
The cost of offshore banking accounts
According to the Offshore Company, this type of banking is rather expensive.
The setup fee for opening an offshore bank account is usually between $550 to $1,250. This depends on the bank and the jurisdiction. An offshore company typically runs between $1,685 and $2,495. So, the total is usually $2,235 to $3,745 for both.
This hefty fee isn’t an issue for huge companies, but what about ordinary people?
What if you could open an offshore bank account for a fraction of the cost and enjoy all the benefits without leaving your country?
Combining offshore banking benefits and the power of blockchain could be enough fuel to reach the moon.
- Offshore banking provides companies and individuals with a wide range of advantages over traditional banking.
- Contrary to popular belief, offshore banking isn’t only accessible to huge companies but everyone.
- STASH capital has partnered with Asia Digital Bank to offer users a cheap offshore banking solution that seamlessly integrates with the metaverse.
- $STASH is the native token of the upcoming STASH city metaverse. It automatically compounds without staking in your web3 cryptocurrency wallet.
- Owners of the prepaid debit card will be able to store and spend multiple fiat and cryptocurrencies in their accounts.