Crescent | Earn 4.00% interest (APY) on your balance
Crescent Treasury Account gives quick and secure access to 4.00% interest (APY) on your personal or corporate U.S. Dollars treasury. We generate an additional 1% interest on top of your guaranteed interest that we direct to help scale emerging carbon removal technologies.
trycrescent.finance
Ok, so basically you are taking users' USDC, putting it on blockfi for a 7.5% return and then giving back 4%.
And the domain is terribly bad (Change it while you can)
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Interesting, not sure of the legal aspect of doing that but still interesting.
I'm working on a crypto product as well but not linked to stablecoins yet, from what I've seen there's still a risk with stablecoins, the company issuing them could vanish and then they wouldn't have much value left.
As long as users understand that, it's good
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The design is too unpolished and untrustworthy for me wire you any money.
The two zero decimal points in "4.00%" in the header look like a cheap trick to get me think it's 400.
The ALL CAPS footer is sketchy AF.
The "$100,000 deposited today" is too ballsy. A slider yield calculator would be nice.
And then you lost me completely at "stablecoin" and "crypto".
Love that feedback. Thank you very much Bober.
I'm sure we can get more roasted than that. Come on, hackers!
Here comes the roast: for a bank with such promises your site looks like it's been coded by a person who only had a coupe of hours - there's not even an about page lmao this is sketchy af
Ahahah, great feedback, thank you. You got it! Don't tell anyone please 🤫
The idea here seems to be presenting Crescent as an alternative to a traditional bank account, but with higher APY interest. The tradeoff is that a traditional bank is FDIC-insured and your deposits are safe from loss of principal.
What I'd be concerned about, if I were in your shoes, is making sure the way you talk about your product ("interest on your balance", "4.00% APY", Interest on your treasury") are not implying that you're a bank. I would expect there are certain phrases and promises you are only allowed to make (in seeking US customers) if you are a regulated US bank insured by the FDIC.
I don't know exactly what the rules are, and perhaps you're already compliant, but I would not gloss over those details if I were opening a business like this.
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Sure, let's see:
"Earn interests daily, paid monthly to you and your customers." - What customers are you referring to here? This sounds like you've copy/pasted from some sort of pyramid scheme website and forgot to edit.
"There are no fees for deposits and withdraws." So, uh, this is a scam, then? Somewhere you've got to be making money.
As other commenters mentioned, discussing returns without mentioning risk is a big red flag. "Crypto" and "stable returns" are polar opposites.
All in all this sounds like a straight-up scam where you'll disappear with all the money or a ponzi scheme.
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Aight get ready for the roast which you wanted:
You market it as a bank but your website looks like a bootstrap software solution. What do i need an early access for if i just want a 4% interest rate? In my eyes the early access doesn't make sense and doesn't fit in the context.
Where are the downsides? There is no 4% fixed interest rate in the market right now. This means you must earn a higher yield somewhere else in order to pay out a 4% (+1% carbon) interest rate. Higher interest rates are correlated to higher risk which you dont mention on your website. How can you promise 100% a 4% yield when risk is a factor as well? Are you secured by some kind of insurance or how do you cope with risk?
Using Elon Musk on your account mockup looks childish.
I would clarify all of my concerns way earlier than simply in the Q&A section. use separate sections to build up more trust. Hope this helped.
it's smelling smoke.... we are starting to get roasted here 🔥I agree with everything. Thank you very much for your feedback Jorsoi.
🚀🚀🚀🚀
"All loans are overcollateralized, allowing 100% safety."
You can NEVER guarantee 100% safety!
True! Thank you :)
how does someone with $100,000 in cash not know that 4% interest will yield $4,000 in a year? Why do you explain that? Nobody is that stupid.
"Start earning stable high-yield interest on your personal or corporate U.S. Dollars treasury."
Why is the word "treasury" bolted onto the end of that sentence? Are you keyword stuffing?
How about giving me the option to earn 5% and screw the carbon. A 20% increase in my return? Ill go plant a tree.
I think you have a 4% chance of going to prison.
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May I ask, how are you getting money from this? I highly doubt you’re doing this all for free.
We produce a higher yield than 4%.
FDIC?
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Hey @Mathis! Where do you see your competitive advantage compared to app like Voyager https://www.investvoyager.com/blog/voyagers-july-interest-apr-rates/?
Partnerships or more transparency would give me more confidence to try it out.
PS: Hope to get your support and feedback on PH ❤️
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