If someone wanted to “invest in crypto”, they have already done it by now and probably thinking to get more than a single digit percentage return[0].
You are offering a 4%-7% return that is only slightly higher than the promotional interest by fintechs[1] (where the money, up to a value, is guaranteed by the government).
Our customer isn’t someone who “wants to invest in crypto.” It’s someone with €20K in a savings account earning 0.5%, who knows they’re losing to inflation but doesn’t want stock volatility or crypto complexity.
The fintech promos you linked are real competition but they’re promos. They last 3-6 months, then drop. The yield we offer is structural: it comes from borrowers paying interest on overcollateralized loans, not from a bank’s marketing budget.
You’re right that we need to be meaningfully better than promo rates to justify the tradeoff of no government guarantee. That’s exactly why EURc integration matters eliminating FX friction makes the real net return more competitive.
Why would your customer invest in your system instead of going directly to stocks/ETFs?
The people holding 10k€+ in cash/ bank savings account that I know are old, tech illiterate, afraid of investing, and oblivious to the effects of inflation. They simply store the money somewhere so they can use it later at a short notice.
With these people you have way too much friction with the Coinbase way. Even if you succeeded in convincing them they deserve yield, it will be hard to compete with investing tools that are integrated into their banking apps that show higher profits than you.
You’re right that tech-lilliterate retirees aren’t our customer. Our early adopter is 25-40, digitally comfortable, has money sitting idle not because they’re scared of investing but because they want liquidity and simplicity without decisions.
Stocks/ETFs are a different risk profile you can lose 20% in a quarter. Our yield comes from overcollateralized lending (150-200% collateral). It’s not risk-free, but it’s fundamentally different from equity exposure. We’re filling the gap between “savings account earning nothing” and “invested in markets with real volatility” — liquid, passive, stable yield. That gap doesn’t really exist in European fintech today.
I hear you, but I think you're conflating crypto speculation with what's actually happening in financial infrastructure.
We're not selling tokens. Nobody using our product needs to know what a blockchain is. They see a savings account with a better rate that's it.
Meanwhile: Stripe acquired Bridge for $1.1B for stablecoin rails. Société Générale is building on Morpho. Coinbase routes lending through it. YC just started offering checks in stablecoins and listed "stablecoin financial services" in their latest RFS.
This isn't "crypto" anymore. It's on-chain finance the same way "the internet" stopped being a category and became invisible plumbing. European banks pay 0.5%. Overcollateralized on-chain lending pays 4-7%. That spread exists because banks capture the margin. We remove the middleman.
The people who "want to stop the insanity" are exactly our users. They don't want crypto. They want their savings to not lose value. We just use better rails.
I guess the problem is that it seems like an opaque financial product. ETFs or crypto are not useful for "saving" but the risk profile is at least a known quantity.
The return you quote is a numeric range but there's no corresponding number or signal you provide for risk and we have to trust you. So, how can we trust you? Independent audits and deposit guarantees.
The thing is that people like that would think messing with coinbase is like putting their hand in the toilet. Can't you make it so people don't have to visit that bad neighborhood and it seems like any other bank?
Today: you do a bank transfer, we handle the conversion through a fiat ramp, your money goes on-chain. You never touch Coinbase, never see a wallet address, never sign a transaction. You see a balance and it grows.
But honestly, we’re not fully there yet. The ramp still adds friction. The end state we’re working toward is pure web2 experience on web3 rails — feels like opening a savings account at any neobank. Deposit euros, watch your balance, withdraw to your bank. The stablecoins, vaults, and smart contracts underneath should be as invisible as SWIFT is when you send a wire today.
I’m not sure that your customer exists.
If someone wanted to “invest in crypto”, they have already done it by now and probably thinking to get more than a single digit percentage return[0].
You are offering a 4%-7% return that is only slightly higher than the promotional interest by fintechs[1] (where the money, up to a value, is guaranteed by the government).
[0]: https://www.8lends.io
[1]: https://www.eupersonalfinance.eu/articles/best-savings-accou...
Our customer isn’t someone who “wants to invest in crypto.” It’s someone with €20K in a savings account earning 0.5%, who knows they’re losing to inflation but doesn’t want stock volatility or crypto complexity. The fintech promos you linked are real competition but they’re promos. They last 3-6 months, then drop. The yield we offer is structural: it comes from borrowers paying interest on overcollateralized loans, not from a bank’s marketing budget. You’re right that we need to be meaningfully better than promo rates to justify the tradeoff of no government guarantee. That’s exactly why EURc integration matters eliminating FX friction makes the real net return more competitive.
Aren't the people that want more than 0.5%, but don't want stock volatility, going to use a money market / fixed income fund?
Why would your customer invest in your system instead of going directly to stocks/ETFs?
The people holding 10k€+ in cash/ bank savings account that I know are old, tech illiterate, afraid of investing, and oblivious to the effects of inflation. They simply store the money somewhere so they can use it later at a short notice.
With these people you have way too much friction with the Coinbase way. Even if you succeeded in convincing them they deserve yield, it will be hard to compete with investing tools that are integrated into their banking apps that show higher profits than you.
You’re right that tech-lilliterate retirees aren’t our customer. Our early adopter is 25-40, digitally comfortable, has money sitting idle not because they’re scared of investing but because they want liquidity and simplicity without decisions. Stocks/ETFs are a different risk profile you can lose 20% in a quarter. Our yield comes from overcollateralized lending (150-200% collateral). It’s not risk-free, but it’s fundamentally different from equity exposure. We’re filling the gap between “savings account earning nothing” and “invested in markets with real volatility” — liquid, passive, stable yield. That gap doesn’t really exist in European fintech today.
I think you're doomed.
People who aren't crypto degens just want to "stop the insanity". Like drop you into a black hole and drop that black hole into another black hole.
It's kinda late to be into crypto, I mean, we are on internet time so in 2026 this is like the only music you listen to is Chuck Berry and Elvis.
I hear you, but I think you're conflating crypto speculation with what's actually happening in financial infrastructure. We're not selling tokens. Nobody using our product needs to know what a blockchain is. They see a savings account with a better rate that's it. Meanwhile: Stripe acquired Bridge for $1.1B for stablecoin rails. Société Générale is building on Morpho. Coinbase routes lending through it. YC just started offering checks in stablecoins and listed "stablecoin financial services" in their latest RFS. This isn't "crypto" anymore. It's on-chain finance the same way "the internet" stopped being a category and became invisible plumbing. European banks pay 0.5%. Overcollateralized on-chain lending pays 4-7%. That spread exists because banks capture the margin. We remove the middleman. The people who "want to stop the insanity" are exactly our users. They don't want crypto. They want their savings to not lose value. We just use better rails.
I guess the problem is that it seems like an opaque financial product. ETFs or crypto are not useful for "saving" but the risk profile is at least a known quantity.
The return you quote is a numeric range but there's no corresponding number or signal you provide for risk and we have to trust you. So, how can we trust you? Independent audits and deposit guarantees.
The thing is that people like that would think messing with coinbase is like putting their hand in the toilet. Can't you make it so people don't have to visit that bad neighborhood and it seems like any other bank?
Today: you do a bank transfer, we handle the conversion through a fiat ramp, your money goes on-chain. You never touch Coinbase, never see a wallet address, never sign a transaction. You see a balance and it grows. But honestly, we’re not fully there yet. The ramp still adds friction. The end state we’re working toward is pure web2 experience on web3 rails — feels like opening a savings account at any neobank. Deposit euros, watch your balance, withdraw to your bank. The stablecoins, vaults, and smart contracts underneath should be as invisible as SWIFT is when you send a wire today.