UPDATE 1: 02-06-23
Beema Finance has reached out to say they have since ceased operations due to the collapse of UST.
Written by: GavertC
Beema Finance recently made their product debut with a digital debit card and savings webapp. This app, built on Anchor Protocol, allows non crypto natives to access 15% interest on their savings, while being able to avoid going through multiple exchanges to get a real crypto savings account setup. This is a very important product for more widespread adoption of UST, as it allows non crypto natives to get their feet wet with DeFi.
I interviewed Cesar, one of the co-founders of Beema and I got to know him and learn about their product a bit more.
Before coming to crypto, Cesar worked in the non-profit sector and helped work on projects that benefited underserved communities. These included underprivileged youth, business creation, and mentorship programs. Cesar’s primary responsibilities were in person, and when the Covid pandemic started he decided to focus his time and energy on DeFi and cryptocurrencies.
This was right around the release of Anchor Protocol, and after a good bit of research Cesar started shilling Anchor and Terra to his family and friends. He even went as far as creating step-by-step instructions for his friends, but was ultimately met with a loss of interest after learning how much effort it would take every time they want to deposit or withdraw their savings.
“That’s how the idea for Beema Finance got started. Create a platform that gives people easy access to the benefits of decentralized finance. We’ve taken this idea and ran with it. Our platform is one of the simplest and easiest to use. No one should be left out of the opportunities in DeFi because of their lack of technical knowledge. This is just the start. We want to create even more adoption by building products and features around DeFi helping people with their financial fitness and having their money work for them.” – Cesar
- Are there plans for an on/off ramp for UST from Terra Station to Beema?
A UST on and off ramp is something our team has definitely considered and we are exploring the possibilities. The drawbacks from having a smaller team is having to prioritize our feature list to make sure we deliver within a reasonable time frame.
Our process is building in public and releasing features and functionality as we develop it. We love receiving feedback from our users on our platform and that is how we make a lot of decisions on what to implement next.
- Do you plan to do any work with Angel Protocol, based on your background in charitable organizations?
Short answer is yes to working with charitable organizations. The whole reason for creating Beema Finance is to give people the opportunity to participate in something that would otherwise be too daunting to approach.
We definitely want to align ourselves with a charitable organization that shares our values. What Angel Protocol is doing is amazing, they might be a great option but we are also looking for possible collaboration with organizations directly.
- How long have you been into crypto, what were your first coins?
My start in the crypto space like many others was the introduction to Bitcoin. I bought my first bitcoin in 2015 and I wish I would have HODLed. Crypto was always a hobby of mine, but I decided to fully jump in in early 2020.
- Why Terra? Was it just the savings yield on stablecoins, or were there more deciding factors?
For me Terra just made sense. Their approach to blockchain really resonated with me. Instead of every layer one focusing on speed and number of transactions per second, Terra has one product and that’s UST and the adoption of it.
I truly believe it is better money and that’s what crypto currency should be working towards, creating real world adoption because it has a superior product.
Stablecoins/digital dollars is a concept that is easy to understand and approachable to the masses. Anchor creates a great incentive to join the ecosystem and start using UST.
- Are there plans for physical debit cards, or do you plan to stick with the digital cards for now?
Yes, we have plans on releasing a physical card and improving our card functionality overall. Our Platform as a whole will get better over time as we continue to pursue our goal of breaking down barriers and making DeFi simple and accessible to all.
That concludes our interview with Cesar from Beema Finance! I really think these guys are going to do big things in the DeFi space. I’m GavertC, thank you for reading.