SAN FRANCISCO--(BUSINESS WIRE)--Investment platform Streetbeat has partnered with Sperax, a market tested and 100% collateralized DeFi product that provides a 11% yield, paid weekly. Sperax’s novel auto-yield USDs stablecoin allows investors on the Streetbeat platform to benefit from passive income without technical or financial expertise.
Unlike many stablecoins that suffer from being algorithmic based or whose collatoralization is off chain and opaque, Sperax’s USDs is US-dollar pegged, operated fully on-chain, and is a fully crypto-collateralized stablecoin designed to overcome market conditions with continuous yields.
Damián Scavo, CEO at Streetbeat commented: “The Streetbeat platform is designed to outperform the market through its usage of unique proprietary auto-trading strategies. Since launching Streetbeat earlier this year, we’ve been able to protect our clients from the worst of a market downturn since 1937; while the S&P500 has lost over 14% just in the last six weeks, our investors have largely broken even. After a deep due diligence, we are happy to include Sperax in our offering. We were impressed by the backing Sperax has from prominent investors and its vibrant community, its use of open-source technology and on-chain visibility. The Sperax stablecoin, increases the diversity of financial and digital assets available, making the Streetbeat platform even more attractive to investors.”
Alec Shaw, Growth at Sperax commented: “We’re delighted to partner with Streetbeat, opening up investment in our Sperax USDs auto yield stablecoin to a mainstream audience thanks to the tens of thousands of investors that have signed up on the Streetbeat platform. Streetbeat’s approach to bringing diversified investment strategies and auto trading for everything from stocks to crypto is the perfect home for Sperax USDs - the first auto yield Stablecoin.”
Key advantages of Sperax USDs include:
100% Collateralized: In light of algorithmic vulnerabilities, Sperax USD has become 100% collateralized at this time. The protocol currently holds USDC and USDT at a 100% collateralization ratio
Continuous yield: USDs offer yields even in bear markets. Unlike other coins which rely on leverage, USDs is based on DeFi aggregators, other protocols and reinvestment
Compatibility: Sperax USDs is compatible with multiple blockchains to mitigate smart contact risk and can be further utilized in other DeFi protocols
To invest in Sperax USDs investors must download the Streetbeat app which also offers up to $10,000.00 in welcome and deposit bonus for new customers. Streetbeat closed a $10 Million dollars in funding, and had over 35,000 investors sign up during its one month beta launch
Disclaimer: Streetbeat, LLC (“Streetbeat”) is an SEC-registered investment adviser. Cryptocurrency trading and exchange services are offered by Streetbeat Digital LLC. Disclosures may be found at https://streetbeat.com/disclosure-library
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Notes for Editors
Pure Algorithmic stablecoins that have been in the news recently are not fully backed 1:1 by cash or crypto collateral. They rely on continuous and ever-increasing demand for linked tokens to function properly.
Collateralised stablecoins work in a fundamentally different way. They maintain their peg to the dollar by using reserves fully-backed by cash, crypto or cash equivalents. Sperax currently is 100% collateralised holding USDC and USDT at a 100% collateralization ratio
About Streetbeat ( www.streetbeat.com )
Streetbeat, LLC (“Streetbeat”) is an SEC-registered investment adviser that launched the Streetbeat platform and app in 2022. Streetbeat is an easy-to-use investing and trading platform with diversified investment strategies for everything from stocks and ETFs to crypto and stablecoins. Streetbeat is designed to offer exceptional returns with commission free trading through a combination of professional, data led strategies, auto trading algorithms, and access to hundreds of worldwide top stocks and leading cryptocurrencies.
About Streetbeat Founder Damian Scavo
Streetbeat CEO and Founder Damian Scavo is a serial entrepreneur who successfully founded and exited 3 startups in Europe and Silicon Valley. Along with 20 years of experience in startups he has 12 years of experience in Algo-Trading, High Frequency Trading and Data Trading and was managing over 180 bank and hedge fund customers by the age of 22 and trading $1Bn monthly volumes by the age of 26, while working at a proprietary trading desk in Europe. He wrote over 30 patents.
About Sperax ( www.sperax.io )
Sperax is a global technology firm building modern money with blockchain technology whose mission is to build a blockchain-enabled society that is equal and inclusive. Launched in 2020, the Sperax team consists of purpose-driven engineers, mathematicians, marketing specialists and designers. Sperax USD (USDs) bridges the gap for both experienced and novice crypto users by offering a capital efficient and scalable stablecoin which generates organic yield automatically.
1Streetbeat Digital LLC is not a bank. APYs reflect effective yield based on weekly compounding. Yield is accurate as of May 20, 2022 but may vary.