[iOS] 7.60% p.a. Fixed Interest on USDC Crypto Deposits for The First 1,000 Sign-Ups @ Bobbob App

212

AssociatedLbobbobfinance @ Bobbob on 15/05/2022 - 18:15 apps.apple.com (78 clicks)
Last edited 16/05/2022 - 10:35 by 1 other user

bbwelcome

Bobbob is a Fintech startup based in Sydney. We have just launched our App in Australia for iOS devices (Android to launch soon!) and are promoting our App for Ozbargain users!

Promotion

By using the code bbwelcome during the sign-up flow, our first 1,000 redemptions will instantly be awarded 7.60% p.a. (Level 5, i.e.).
What's better - this code means customers will be on this Level for life!

How to Apply the code

Download the app
Sign up and apply the code bbwelcome when asked for a Referral Code
Finish setting up your account by verifying your identity
Deposit AUD and start earning!

Terms

You can read the full Terms, but a few salient details:

Our App is only available for iOS users. Android launch to follow soon!
Customers are reminded to add the Referral Code during the sign-up process of the App. If a customer does not apply the Referral Code during this time, there is no way to retrospectively add the code and customers will not be able to participate in the Promotion.
The promotion will last for 1 month or when 1000 redemptions are reached, whichever sooner.

Disclaimer

Bobbob Pty Ltd, ACN 652793318, is a Corporate Authorised Representative (AR No: 1296199) of Sanlam Private Wealth Pty Ltd (AFSL No. 337927). The Bobbob Account is not a bank deposit or bank account. Any investment entails financial risk and your capital may be at risk. Please read our T&Cs and information statement before using Bobbob.
*USD referenced refers to USDC (USD Coin), a digital asset, a digital Dollar. Each USDC is worth US$1.00, and is always redeemable on a 1:1 basis for US dollars. Digital dollars move at the speed of the internet and are cheaper and more secure than existing payment systems. USDC is fully backed by cash and equivalents and short-duration U.S. Treasuries, so that it is always redeemable 1:1 for U.S. dollars. Each month, Circle (https://www.circle.com/en/usdc) publish attestation reports by Grant Thornton regarding the reserve balances backing USDC.

Who we are
Bobbob offers customers up to 7.60% p.a. on their money. Simply deposit AUD, receive USD* and you start earning! Easy as.
How does Bobbob work? You can read more about it here.

New customers currently start at 4.00% p.a. (Level 1) and after referring 4 friends who go on to deposit A$99, move to 7.60% p.a.

Bobbob is a fintech startup based in Sydney. We are crypto at the back, traditional finance at the front. What this means is that we use crypto credit markets to generate high yields for our customers but simplify the whole process, and deliver an easy-to-use alternative to a savings account with a friendly and approachable UX. You can read more about us here.

Financial Cryptocurrency Interest Investment iOS App

26 Jun 2022

Related Stores

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Bobbob

closed Comments

Hybroid on 15/05/2022 - 18:19

+12

This ponzi pyramid scheme was posted before and taken down. No shortage of "me-too" get rich quick fintech schemes popping up that may disappear with your money tomorrow. Avoid.

Bobbob Accounts are not bank accounts and are thus not backed by federal government and are thus not insured by the Financial Claims Scheme (FCS). While Bobbob and its partners make every effort to keep your money safe, please note that any investment entails financial risk.
eman resu on 15/05/2022 - 18:19

+7

Another scam paying you to use a sh!tcoin
- pricematch on 15/05/2022 - 18:23
  
  +1
  
  Title is misleading
- Pacify on 30/05/2022 - 21:59
  
  +1
  
  How on earth is USDC a sh*tcoin?
Truthbe on 15/05/2022 - 18:20

+5
Wow free money, how could this ever go wrong?

Terra Luna Investors
- Associatedbobbobfinance @ Bobbob on 15/05/2022 - 18:31
  
  -1
  
  Thanks for the feedback.
  We were well aware of Terra/UST which is why we stayed far away from it - and instead opted for USDC from the get-go, being chain agnostic.
  Our investors asked us why we never used UST/Anchor - the answer was simply we did not think it was fit for investment, never mind investment for customers.
  Our partners are solid and world-leading, and USDC is fully collateralized. So we are quite happy with the way we operate.
  Understandably people are wary - but this is the feedback we're looking to gather, thanks.
  - Truthbe on 15/05/2022 - 19:07
    
    -2
    
    No matter what abbreviation coin you want to use, crypto is crypto to the layman - and crypto is tarnished with the Terra Luna fiasco unfortunately. The only way you gain any trust is with guaranteed government backing, like a bank.
    - Associatedbobbobfinance @ Bobbob on 15/05/2022 - 19:54
      
      Something we're working on :)
mskeggs on 15/05/2022 - 18:20

+5

Astonishing that this will get people handing over their money after the Luna/Terra debacle.
What could go wrong?
- Associatedbobbobfinance @ Bobbob on 15/05/2022 - 18:31
  
  -1
  
  Thanks for the feedback.
  We were well aware of Terra/UST which is why we stayed far away from it - and instead opted for USDC from the get-go, being chain agnostic.
  Our investors asked us why we never used UST/Anchor - the answer was simply we did not think it was fit for investment, never mind investment for customers.
  Our partners are solid and world-leading, and USDC is fully collateralized. So we are quite happy with the way we operate.
  Understandably people are wary - but this is the feedback we're looking to gather, thanks.
spamus on 15/05/2022 - 18:22

+1

Note this is actually an "investment" into crypto "stablecoins", not actual currency stored with a bank. No protections if the "stablecoin" collapses or the company goes belly up.
Kabootar on 15/05/2022 - 18:23

Wish mods would unpost or moderate such crap being posted here ! Scam alert !
- Hybroid on 15/05/2022 - 18:28
  
  I used to think that but I now think it's better these posts stay up to warn people instead of just disappearing.
- Associatedbobbobfinance @ Bobbob on 15/05/2022 - 18:28
  
  Thanks for the feedback.
  Our company is not a scam - we partner with international prime brokers to attain yield.
  We were also well aware of Terra/UST which is why we stayed far away from it - and instead opted for USDC from the get-go, being chain agnostic.
eman resu on 15/05/2022 - 18:23

this business should be called neil and bob finance
sunnyc on 15/05/2022 - 18:24

All stablecoins aren’t very stable
jaymzrsa on 15/05/2022 - 18:24

Wow, brave posting after UST/Luna.
- Associatedbobbobfinance @ Bobbob on 15/05/2022 - 18:30
  
  Thanks for the feedback.
  We were well aware of Terra/UST which is why we stayed far away from it - and instead opted for USDC from the get-go, being chain agnostic.
  Our investors asked us why we never used UST/Anchor - the answer was simply we did not think it was fit for investment, never mind investment for customers.
  Our partners are solid and world-leading, and USDC is fully collateralized. So we are quite happy with the way we operate.
  Understandably people are wary - but this is the feedback we're looking to gather, thanks.
Yabadabadoo on 15/05/2022 - 18:27

LOL deposit real AUD and receive USD as in the dodgy coin going by the name of USD not actually USD. Geeeee
Nexald on 15/05/2022 - 18:32

"USD referenced refers to USDC (USD Coin), a digital asset, a digital Dollar. Each USDC is worth US$1.00, and is always redeemable on a 1:1 basis for US dollars"

TerraUSD (UST) is was another "stablecoin" that is was pegged to the US dollar.
- Associatedbobbobfinance @ Bobbob on 15/05/2022 - 18:38
  
  -1
  
  "is always redeemable on a 1:1 basis for US dollars. "
  There are actual dollars in the bank - you can read the latest Grant Thornton report here:
  https://www.centre.io/hubfs/PDF/2022%20Circle%20Examination%…
  
  Very different to UST, which is why we opted for a lower interest rate and safer business model for our customers.
  - oldm8 on 16/05/2022 - 10:26
    
    Can you please explain what the “dollar denominated assets” referred to in the Grant Thornton letter are?
    
    I don’t read it as referring to USD “in the bank”, but to the “fair value” of those other assets.
aneil915 on 15/05/2022 - 18:33

Avoid. *USD referenced refers to USDC (USD Coin)
cooluser123kappa on 15/05/2022 - 18:37

Misleading title

"Instant 7.60% p.a. Interest"

"New customers currently start at 4.00% p.a. (Level 1) and after referring 4 friends who go on to deposit A$99, move to 7.60% p.a."

Sorry but nothing about that process is instant
- Associatedbobbobfinance @ Bobbob on 15/05/2022 - 18:39
  
  If you use the code bbwelcome, you will automatically go to 7.60% p.a. - try it.
mskeggs on 15/05/2022 - 19:57

+1

Brave rep.
Ok, let me ask more simply.
How do you earn the income to pay 7% interest? If USDC collateral holdings decline in value, how will they maintain a 1:1 currency peg?
- Lizard Spock on 15/05/2022 - 20:29
  
  Bob's not here man. 🚬
rektrading on 16/05/2022 - 14:39

What's with all the 😡?
rektrading on 16/05/2022 - 14:41

USDC is backed 1:1 with USD.
- mskeggs on 16/05/2022 - 22:04
  
  I’ve got a draw full of old TAB tickets and scratched scratchies with a face value of $1m I am using to back my new crypto token 1:1, so there is nothing to be concerned about.
  Due diligence would just be an excessive cost.
  - rektrading on 16/05/2022 - 22:06
    
    UST isn't USDC.
    
    USDC is backed 1:1 USD and redeemable using Coinbase.
    https://www.coinbase.com/usdc/
    - mskeggs on 16/05/2022 - 22:15
      
      Thanks.
      How does this mob fund paying 7% interest?
      Read the Grant Thornton report on USDC. What it confirms could also have been true of UST a month ago - the coin operators hold assets valued at least as much as the coins in circulation, and UST could always mint LUNA which was $100+ till it wasn’t.
      
      Crypto isn’t a magic pudding. If the underlying assets fall, the 1:1 peg will fail. If somebody is paying 7% they need to get the money from somewhere.
      - mskeggs on 16/05/2022 - 22:16
        
        @mskeggs: Or to put it another way, the FDIC insures US banks against a bank run. This does not have any such assurance.
        
        rektrading on 16/05/2022 - 22:28
        
        @mskeggs: FDIC is a scam. All they do is tap the taxpayers to pay the banks.
        
        mskeggs on 17/05/2022 - 10:32
        
        @rektrading: Understood, that is the deal. If you put your money with FDIC (or ADR here) regulated orgs, the taxpayer will bail you out if things go bad.
        
        To get that government backing, they need to operate prudently.
        The LUNA/UST debacle shows the risks of not knowing the underlying risks. IMO, 7% is a paltry return for the level of risk involved.
      - rektrading on 16/05/2022 - 22:24
        
        @mskeggs: I don't know how this platform generates yield but if I've to guess then it would be interest from lending to market makers.
      - Pacify on 30/05/2022 - 22:05
        
        @mskeggs: There are 50 billion in USDC issued.
        
        There is 50 billion of US dollars and treasury bonds that back the coin.
        
        Its not an algorithm coin like UST, it is backed by actual assets - of all the stable coins its the "safest".
        
        mskeggs on 31/05/2022 - 07:55
        
        @Pacify: Where does the 7% come from, though?
        I can buy banknotes 1:1 and stick them in a vault, but I can’t fund 7% return that way.
        
        rektrading on 01/06/2022 - 14:35
        
        @mskeggs: The yield can come from lending and/or market inefficiencies between cex/dex/chains.
        
        mskeggs on 01/06/2022 - 15:32
        
        @rektrading: Then it isn’t a 1:1 backed coin, if the collateral is off somewhere else.
        
        rektrading on 01/06/2022 - 16:19
        
        @mskeggs: https://www.centre.io/hubfs/PDF/2022%20Circle%20Examination%…
        
        rektrading on 01/06/2022 - 14:45
        
        @mskeggs:
        
        I can buy banknotes 1:1 and stick them in a vault, but I can’t fund 7% return that way.
        
        Are you lending the fiat to anyone?
        
        There is no exception for yield if the fiat isn't being lent out.
        
        mskeggs on 01/06/2022 - 15:30
        
        @rektrading: If I lend out the backing of my stable coin, I haven’t got it to meet redemptions - to quote Jimmy Stewart in It’s a Wonderful Life, “Your money’s not here, it’s in Joe’s house , and the Kennedy House and Mrs Macklin’s”.
        
        And if you are loaning your fiat out to get a return exceeding 7%, oh boy, must that be a risky loan.
        This is why the Grant Thornton report is worthless. They certify the collateral exists. Big deal.
        
        Give me a billion dollars and I will sign a contract promising to pay it back. But if I fly to a Caribbean tax shelter with your money you haven’t got it anymore, even if you can still say “Look, I have a contract!”.
        
        rektrading on 01/06/2022 - 16:23
        
        @mskeggs: I don't know what you're trying to say.
        
        USDC is backed 1:1 with USD and/or assets.
        
        Users that are not compatible with that can redeem it for USD at Coinbase or sell it for another fiat. It doesn't get any easier than that.
        
        Associatedbobbobfinance @ Bobbob on 01/06/2022 - 20:31
        
        @rektrading: Hey Guys! Sorry we've been so silent here. But @rektrading is correct.
        
        Don't get confused - there are 3 types of stable coins - see page 32 of this report.
        https://docs.google.com/presentation/d/1ja2Qp6HTjgOKOqPtyEqL…
        
        We send the USDC to a partner - whose sister company is one of the world's biggest prime brokers (PB).
        The PB lends to its corporate and institutional clients (hedge funds, family offices etc.) and this is how we get the yield.
        
        The thing about it - we get 7.60% - so by using the code, we pass it all to you. It's the purpose of our model, to be transparent and open.
        
        We hope you like the app!
        
        mskeggs on 01/06/2022 - 20:42
        
        @rektrading: See the comment from Bobbob. They loan the money to a broker at 7.6%. The broker lends it to other high risk borrowers, at presumably substantially more than 7.6%.
        
        If those borrowers default, it matters not if you had fiat, gold, crypto or stable coins, the money is gone.
        
        To give an idea of the risk, 7% is the coupon on bonds from Mexico or Kenya, not low risk.
        
        I find it really misleading when “investments” are portrayed without the basis of the investment being clearly disclosed.
        In this case, the crypto element is completely irrelevant, except for adding extra costs as a stepping stone.
        This is just junk debt.
        
        rektrading on 01/06/2022 - 21:02
        
        @mskeggs:
        
        If those borrowers default, it matters not if you had fiat, gold, crypto or stable coins, the money is gone.
        
        No.
        
        Benefits:
        - You’re paid on the 1st day of every month.
        - No fixed-terms.
        - Withdraw at any time.
        - Interest Accrues daily.
        
        There is no locking time. The users can withdraw the USDC whenever they what.
        
        mskeggs on 01/06/2022 - 21:19
        
        @rektrading: This is like any traditional finance company investment. No risk until defaults, then “kaput” no money to take out.
        
        It doesn’t matter if the money is crypto or fiat. When Lehman Brothers collapsed it wasn’t because their fiat suddenly was devalued, it was because the counter parties couldn’t make their payments.
        
        7.6% return on a loan is risky.
        
        It’s on the bottom of their page:
        “ Bobbob Accounts are not bank accounts and are thus not backed by federal government and are thus not insured by the Financial Claims Scheme (FCS). While Bobbob and its partners make every effort to keep your money safe, please note that any investment entails financial risk. The yield rates are variable and are subject to change based on the digital asset markets.”
        
        rektrading on 01/06/2022 - 21:28
        
        @mskeggs: I'm multitasking right now. I'll post later.
        
        rektrading on 01/06/2022 - 22:37
        
        @rektrading: All CeFi carry some level of risk. It's up to users to assess the platform to see if they're happy to hand over the key to the platform for x yield.
        
        I don't yield farm on CeFi because I don't trust anyone with the key.
        
        mskeggs on 02/06/2022 - 10:20
        
        +1
        
        @rektrading: That is fair. Handing over the key is handing over the keys! You lose control of where the money is.

This was posted 1 year 11 months 12 days ago, and might be an out-dated deal.