Portfolio company Dharma has now enabled automated clearing house (ACH) purchases in 13 U.S. states. ACH enables direct transfers from U.S. bank accounts so that users can go straight from holdings in U.S. currencies to cryptocurrencies. With the new feature, Dharma is betting it can stand out in the crypto space by making accessing blockchains easier, in much the same way Coinbase did.
“Making an investment in DeFi has, up until now, been a bifurcated and highly technical process. Now, it’s as easy as downloading an app and connecting your bank account,” Dharma CEO Nadav Hollander said in a press release. Dharma will offer all the assets available on Uniswap, covering gas fees for all users. Users can also trade between cryptocurrencies within the Dharma app. To access ACH services, Dharma is using the API of financial services company Plaid, Hollander told CoinDesk via email. “We are processing ACH transfers through a direct partnership with a well-known bank active in the crypto space,” he added, without disclosing the bank’s name.