Blockchain-based crypto startup Seashell made headlines on Thursday, January 13, after it announced that it received US$ 6 million in seed funding.
The funding round was led by venture capitalists like Kindred Ventures and Khosla Ventures. In addition, American billionaire entrepreneur Mark Cuban and Robinhood’s CEO Vlad Tenev also participated in the round.
Why are investors searching for Seashell crypto?
As it is a blockchain-based financial technology (fintech) startup dealing with Web 3.0 and DeFi, investors are looking for Seashell crypto.
Seashell is attracting people as it announced that Seashell Save, a financial application that can offer up to 10 per cent interest to users.
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Inflation is increasing, and it jumped over seven per cent over the past year. As a result, consumers are now looking for alternative bank interest rates.
Mark Cuban reportedly suggested to consumers that they should consider using Seashell Save to beat the inflation.
According to its website, Seashell allows its users to earn yields simply and securely. It automates managing money and will enable users to transfer their money and start earning interest in Seashell Save.
Notably, the app does not charge any amount for setting up the account and claims to provide higher yields than most banks offer to their clients.
Seashell says that people started it with experience in industries like cryptocurrency, cybersecurity, finance, Web 3.0, and technology.
As it is looking to take decentralized finance (DeFi) infrastructure forward, it provides services without the need for intermediaries and fees.
Daryl Hok, founder and chief executive officer of Seashell, said that higher interest rates exist, but it is difficult for an average consumer to access those rates.
Seashell is not the first startup offering higher yields, and earlier, BlockFi had announced returns of nine per cent on Bitcoin and other cryptocurrencies on an easy-to-use platform.
However, BlockFi became controversial after multiple regulatory authorities accused it of violating securities law.