How Does Dharma Crypto Work?
Dharma is a portal that simply connects fiat bank accounts with DeFi protocols. It is the best choice for users who desire to take the promising benefits of the DeFi market and rates but have limited cryptocurrency knowledge. Dharma Labs, founded by Brendan Forster and Nadav Hollander, published its first whitepaper in late 2017. Instead of holding an IPO, they raised about US$120,000 from a conventional seed funding round.
As the platform is based on Ethereum, at present Dharma supports ERC20 tokens and ETH. You can also buy USDC if you've linked your Dharma portal with your bank account. Also, you can swap USDC for Ethereum-based tokens using Uniswap, Aave, or other decentralized exchanges.
Connecting Your Dharma Account To ZenLedger
- To import your transactions, log in to Dharma to get your receiving address.
- Swipe to the second option on the bottom left of the screen called This is your wallet.
- Click on share next to the receiving address.
- Choose Copy to Clipboard.
- Paste the receiving address you copied from Dharma into the wallet address field in ZenLedger.
- Select coin option ETH/ERC-20.
- Select if the wallet is based in the USA or not.
- Then hit add coins.
How To Generate Dharma Crypto Tax Forms?
After you’ve connected your Dharma account, completed your import, and confirmed that your transaction information and tax liabilities are correct, simply click to download your forms!
How To Use Dharma?
1. Create An Account
Visit Dharma's official website for downloading the Dharma app. It is available for both iOS and Android devices. Next, you can use your email ID to open a new wallet.
2. Link Your Bank Account
Click on the "Settings" option from the menu. Clicking on the "action" icon in the center will open a list of action categories. There tap on the first option "DeFi with Your Bank Account".
3. Purchase Tokens
Once you've created your account and liked your bank account, you can now buy tokens. First, choose the protocol where you want to supply your funds and wait for confirmation. Now using your fiat bank account you can buy the selected tokens.
What Are The Key Features Of Dharma Crypto?
Since its inception, Dharma has been striving to improve the DeFi experience through its unique features:
- Easy usage and access
- Price alerts
- Wire transfer with no limit
- Non-custodial wallet
- Security benefits
- Customer support
The Bottom Line: Why Choose Dharma?
"The Ethereum wallet that connects to your bank account": that's Dharma summed up in less than ten words. Dharma offers secured transactions using two-factor authentication, packed with a user-friendly interface that lets you watch your assets in real-time. The usage of usernames instead of complicated Ethereum addresses makes it easy to access. Apart from that, Dharma allows wallet users to interact with smart contracts.
So if you're looking for a simple DeFi, look no further. Dharma is the best choice for you.