Hi Smart People,
In the light of recent events in the crypto world, we though it was a good time to update you on our progress and comment on recent market developments.
The SmartFi community will be pleased to hear that things are moving forward. Short-term headlines come and go, but the crypto world is focused on the long-term. You care about integrating crypto into everyday finance, increasing utility, and fulfilling potential, so SmartFi has been focused on that.
You need a crypto platform that is integrated and far-reaching, so what will be available to you through SmartFi is a first-of-a-kind partnership with an FDIC insured bank, that will use SMTF tokens as a reward for balances of USD. SMTF will be awarded based on the ratio of the SMTF tokens held in accounts, and the USD balance held at the bank.
In addition, the relationship would offer FDIC insurance for SmartFi customers’ USD deposits held at the bank (insurance up to FDIC coverage limits). SmartFi will also use SMTF tokens as a reward for balances of USD on the platform.
This is the first in a series of major announcements that will improve the experience of the community. Stay tuned for what’s next. Big things are happening, and now is a great time to be a SmartFi customer and an SMTF holder!
We are happy to report that SmartFi had no exposure to FTX or any other exchanges or financial institutions. SmartFi manages its liquidity, assets and value with a safety-first approach. We have no leveraged trades, and we practice prudent financial strategies.
SmartFi sees this as an opportunity to demonstrate the validity of the safety-first philosophy that we have always pursued and believe the current market conditions favor our business model, products, and user community.
Stay tuned for more announcements coming soon!
Aaron Tilton CEO and the SmartFi Team