Mark Cuban and Robinhood's CEO join $6 million round for high-yield investment app Seashell

Seashell founder Daryl Hok told The Block that the firm will use DeFi protocols and off-chain lending to generate high yields. Read the full article by Yogita Khatri “Neither this post nor any other on cryptofal.com should be taken as financial advice. It is not.”

As cryptocurrencies become more popular there will be more and more apps that come around with the ability to buy and sell as well as earn interest on their holdings. New start-up Seashell is offering up to 10% to its users and the company has some big-name backing that just raised them $6 million.

A laundry list of venture capital investors included Coinbase Ventures, Solana Ventures, and the Avalanche Foundation. As far as individual investors you have people like Mark Cuban, owner of the Dallas Mavericks, and CEO of Robinhood Vlad Tenev. They also got some big names in crypto such as Do Kwon from Terra and Sandeep Nailwal from Polygon at the end of the funding rounds.

With all of this new money, they are planning on launching their app in the first half of the year. CEO, Daryl Hok, aims to provide an easy on-ramp for investors to generate high yields since most banks are giving rates that are lower than 1%. Hok is also the former COO of the popular blockchain audit company Certik.

They will be able to give users high yield by converting the fiat money into stablecoins and putting them into defi protocols through a qualified custodian. They have not yet announced who the custodian is but Genesis trading would be a popular choice for exchanges that are offering a similar product. To start, Seashell, will only be operating in the US but they have plans to expand internationally soon after launch.

“We're building a multichain solution to be able to deposit stablecoins into the high yielding yet trustworthy protocols," said Hok. "The intention is to diversify among various high yielding protocols across major blockchains."