Source
r/UKPersonalFinance•
element121_com

SwissBorg app and currency CHSB

Anyone else come across SwissBorg? It's a slick app for buying crypto there is also CHSB it's own currency. At the moment you can earn a yield percentage for holding CHSB or USDC for 24 hours.

Yield is essentially interest, but the rate seems to beat the bank rates easily. I'm currently getting 2.38% p.a on CHSB and 9% p.a on USDC

You can also buy the normal BTC, ETH, ENJ etc.

Posted Mar 8, 2021, 7:51 PM UTC

02
bryrb2•

This kind of thing is posted here a lot and the problem is that a) there is no deposit guarantee and b) the cryptocurrency you choose could become basically worthless overnight.

2
Borax116•

Are you familiar with "not your keys, not your coins"?

These platforms offer all the risk of crypto, and then multiply it by counterparty risk (platform) and default risk (borrower).

It's like riding a motorbike but sitting on it backwards and wearing trousers soaked in petrol.

It's definitely possible to pull off some impressive stunts but there's also a good chance that you'll end up in a burning heap as the crowd cheers "we told you so!"

1