Mooney

Simplifying Crypto Interest Savings

About

Mooney empowers users to earn interest from their cryptocurrency savings, offering a straightforward platform for assembling a portfolio of crypto assets. Designed with simplicity in mind, the app caters to beginners looking to achieve a 10% annual return on their cryptocurrency investments.

Industry

Fintech & crypto

Project duration

Q1-Q2 2021

Project scope

Backend development

Frontend development

Deployment

Technology

Python, AWS, Docker, Kubernetes, Terraform

Background

Mooney introduces an accessible way to build a crypto asset portfolio and earn monthly yields. The app stands out for its simplicity, intuitiveness, and transparency, making it ideal for novice investors.

Challenge

In the crypto FinTech sphere, security threats like fraud, password theft, and infrastructure attacks are prevalent. Ensuring top-notch security was paramount, encompassing:

  • Two-factor authentication (2FA).
  • Secure AWS infrastructure (VPC).
  • Role-based access for developers
  • Email alerts for account activity
  • MPC-CMP private key protection (Fireblocks integration)
  • Partnerships with trusted, certified providers

Results of the collaboration

The Mooney mobile app includes essential features like registration, ID verification, and 2FA, all within a user-friendly interface developed using Flutter. Post-registration and KYC verification, users can deposit cryptocurrencies into a Fireblocks-secured wallet, making their funds eligible for investment and monthly interest earnings. Withdrawals are flexible, with a $5 fee, and interest accrues based on the minimum daily balance.

Mooney simplifies earning interest on cryptocurrency, providing a secure and intuitive platform for users to grow their digital asset portfolios.

Impact

Key features

Two-factor Authentication

Enhances security without being mandatory, offering an optional layer of protection for users' digital assets.

KYC Verification

A crucial step for depositing funds, integrated smoothly with Persona to ensure compliance and security.

Digital Wallet

Allows users to deposit and invest funds, with real-time balance visibility and easy withdrawal options.

Yield Generation

The core app feature enabling users to earn monthly profits from their USDC investments.

Monthly Statements

Automatically generated reports detailing transactions and profits, accessible to users at any time.

Fireblocks Integrations

Boosts transaction speed and security, safeguarding against cyber threats, collusion, and errors.

Institutional Borrowing

Assets are lent to reputable institutional borrowers, generating the yields paid to users.

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