In the ever-evolving world of blockchain technology, Sperax is making a name for itself by building modern money through its innovative suite of DeFi products. Since its inception in late 2019, Sperax has been on a mission to bridge the gap between experienced and novice crypto users, and their efforts are already making waves in the financial industry. In this startup showcase, we’ll take a closer look at Sperax and explore their unique approach to modern money.
Building Modern Money with Blockchain Technology
Sperax is a technology firm based in New York City that is focused on building modern money with blockchain technology. They have developed a suite of various products, including the automatic yield-bearing stablecoin SperaxUSD, synthetic assets, and derivatives products, all with the aim of making DeFi accessible to both experienced and novice crypto users. Sperax aims to provide a safe, secure, and transparent financial system that is open to anyone.
Introducing SperaxUSD – A Crypto Collateralised Algorithmic Yield-Bearing Stablecoin
SperaxUSD is one of the key products in Sperax’s suite of DeFi products. It is a crypto collateralised algorithmic yield-bearing stablecoin that operates using a dual-token system. The stablecoin is partially collateralised and partially backed by the protocol’s ability to mint SPA when redeeming USDs. This unique approach allows SperaxUSD to operate like DAI during market contraction and UST during market expansion, making it a highly versatile and flexible stablecoin that is designed to thrive in any market conditions.
Sperax Play – Bringing DeFi to the Masses
Sperax’s mobile application, Sperax Play, is a game-changer in the world of DeFi. The app provides users with a simple, user-friendly interface that makes it easy to access Sperax’s suite of DeFi products, including SperaxUSD, synthetic assets, and derivatives products. Sperax Play currently has over 600k users and is expanding rapidly, with plans to further expand in Q1 of 2022. Additionally, Sperax Play plans to house an NFT marketplace, which will provide users with even more opportunities to participate in the DeFi ecosystem.
Backed by Industry Leaders
Sperax’s success can be attributed in part to its strong backing from industry leaders. The company is backed by Jump Trading, FBG Capital, Outlier Ventures, Steve Aoki, and more. These investors have recognised the potential of Sperax’s suite of DeFi products and the impact they could have on the financial industry.
Sperax is a trailblazer in the world of DeFi, with its suite of innovative products that are designed to make modern money accessible to anyone. By building a safe, secure, and transparent financial system that is open to all, Sperax is helping to democratise finance and usher in a new era of financial freedom. With a strong backing from industry leaders and a rapidly growing user base, Sperax is poised to become a major player in the financial industry.
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