Subscribe
Sign in
p/donut-2Invest your spare change in Bitcoin & earn interest 24/7
Start new thread
Neel Popat

Donut - Invest your spare change in Bitcoin & earn interest 24/7

byโ€ข

Donut is an iOS app that provides an easy way to invest your spare change in Bitcoin and earn real-time interest on your savings. Simply connect your bank, choose how to invest and start growing your digital wealth in under 5 minutes.

Add a comment

Replies

Best
Vincent Audoire
I've been waiting for this for years! + Love the design ๐Ÿ’Ž + Love the idea ๐Ÿคฏ - Why aren't you guys in Europe yet? ๐Ÿ‡ช๐Ÿ‡บ๐Ÿ˜ญ
Dan Spooner
Maker
@vincent_audoire1 Thanks for your support! We haven't forgotten about Europe and it's definitely something we have our sights set on soon. After all, we were born in Berlin ๐Ÿ‡ฉ๐Ÿ‡ช
Rob Schumacher
@vincent_audoire1 @dan__spooner Come to EU! I tried to sign up so many times!
Amin
@vincent_audoire1 @dan__spooner Is there a way to stay updated about the EU launch?
Paul Grau
For someone who knows a bit about trading bitcoin/stocks and traditional bank deposit interest, how does earning interest here actually work? Where do the 5% come from? What's my risk? (bitcoin price fluctuation? counter-party risk?)
Neel Popat
Maker
@graup Hey Paul! Thanks for reaching out with a great question. We have two product lines: one is an investment product for Bitcoin, the other (Donut Savings) is an interest bearing product which allows you to hold your savings in stablecoins to earn a higher interest rate than cash in a bank. On Donut, we automatically convert your dollars to stablecoins and supply them to our partners at Compound (https://compound.finance/). In exchange for supplying your stablecoins to Compoundโ€™s platform, you receive a real-time interest rate on your assets. The interest rate varies constantly, but has been as high as 5% APY in in recent months. On Compound, your stablecoins become part of a global decentralized lending pool. Borrowers take out loans from this pool and pay an interest rate, which goes directly to your pocket in real time. We built the app so you can literally watch your Donut Savings tick up second-by-second as it generates interest 24/7. We wrote a blog piece that covers Donut Savings in depth, but happy to answer any more questions here too ๐Ÿ™‚ ๐Ÿ‘‰ https://blog.donut.app/donut-sav...
Paul Grau
@neelpopat thanks for the explanation! The blog post helped as well. Would love to try the app when it launches in the EU or Korea.
Neel Popat
Maker
@graup We'll be coming soon so stay tuned! ๐Ÿ‘€
Daniel de Sa
@neelpopat Donut Savings is a wonderful and elegant solution, onboarding fiat into the DeFi economy. I am curious, is there some sort of deposit insurance a lรก FDIC?
Neel Popat
Maker
@daniel_de_sa Thanks Daniel that's exactly what Donut Savings does. FDIC insurance covers only USD on our platform and Donut Savings leverages the stablecoins. We supply these stablecoins to Compound which has it's own risks, but they mitigate this with extensive security practices and auditing. You can indeed read about their security here (https://compound.finance/docs/se...) and we are looking into ways to insure this even further!
Dan Spooner
Maker
Hey Product Hunt, I speak for the whole team when I say that weโ€™re super excited to bring Donut to Product Hunt. As a group of product nerds, we're proud to share what weโ€™ve been building over the last year. From day one, our goal with Donut was to create an investment app worth using. Our team believes that cryptocurrencies and DeFi are essential to our financial future and that everyone, regardless of crypto savvy, should have access to these asset classes. Some of the features we're most proud of include: - Collect: round-up spare change from card purchases and automatically invest in Bitcoin - Schedule: an easy, customizable tool to set recurring investments - Donut Savings: earn real-time variable interest and grow your savings (leveraging Compound) - Quick Buy: make a one off investment using a Debit card Donut is currently available for iOS on the App Store in the US (excl. NY, WI, NJ and PA) and we hope you'll give it a try. A big thank you to everyone who has tested and provided feedback on Donut. Weโ€™ve met many of you in person or more recently on Zoom and itโ€™s been great to build Donut with you! Let me know your thoughts and questions (or just say hi!) in the comments below. Neel and I will responding all day and look forward to hearing your thoughts on crypto and the future of investing. Thanks, Dan
Isaac Moore
@dan__spooner Damn, I skipped a few days of ProductHunt and missed the promo by a day ๐Ÿ˜ฅ The savings product looks great though, so still going to try it out!
Dan Spooner
Maker
@iamramsey hey Isaac! Haha! Let me know how you get on and if you have any feedback we can bake into our future versions :)
Niraj Pabari
this is such an amazing solution. really love it. Looking forward to seeing even more features in the future!! 10/10 on Product functionalities 10/10 on User experience 10/10 for Market need 10/10 on Transparency 10/10 on Customer support 10/10 on Insights
Dan Spooner
Maker
Thanks for the support @niraj_pabari! We have loads more features in the pipeline. Our public roadmap can be viewed here: https://bit.ly/2ynm8Qi
Micah Moss
Easy, intuitive & has charm to burn! ๐Ÿ”ฅ
Dan Spooner
Maker
thanks @micah_moss! All your feedback has been invaluable and we can't thank you enough for your support! ๐Ÿ™‚
Dan Spooner
Maker
@micah_moss hope to catch you in LA once we're out and about again!
Raphael Loup
Looks great! I cannot wait for you to make it available in Europe ๐Ÿ‘Œ
Dan Spooner
Maker
@rapholy neither can we Raphael! We'll keep you posted ๐Ÿ’ฏ
Narouz Hofmann
looks like a really cool product... I've not bought bitcoin before but have thought about it a lot, just haven't got round to it because I feel like the scene seems really intense. How secure is the platform?
Neel Popat
Maker
@narouz_hofmann1 Hey Narouz! Great question - we certainly know how hard it is to think about getting started in Bitcoin. We built Donut to reduce the entry barriers through a 'set it and forget it' approach leveraging Dollar Cost Averaging ๐Ÿ˜… In terms of security, all of our USD deposits are FDIC insured by our partner bank in the US. With respect to your crypto assets we work with a US regulated custodian partner who uses the highest levels of security (multi-signature wallet and cold storage for most of your funds) to ensure that your funds are safe and secure. Hope that answers your question but anything else and Iโ€™m sure @jordanabderrachid can help you out! ๐Ÿ”’
Remco Katz
@narouz_hofmann1 @jordanabderrachid @neelpopat could you elaborate on with whom you work for custodial services?
Neel Popat
Maker
@narouz_hofmann1 @jordanabderrachid @kraken_xiv sure thing! We work with a US regulated business called Wyre to handle the custodial services!
Jason Zerbin
Gorgeous design! Whatโ€™s the plan for accessing various crypto assets? Is there a plan for any beyond bitcoin?
Dan Spooner
Maker
@jasonzerbin thanks! I have to give full kudos to @lemurf & @maxtillich for all things design. Regarding more assets, that's 100% the direction we want to take Donut in. However, we're going to be selective in the assets we offer. We've already added Donut Savings (leveraging Compound) and we have more exciting ways to build digital wealth coming soon. Here's a little more about the savings product: https://blog.donut.app/donut-sav...
alexdapunt
Well done Donut Team! Can't wait for it to be available also in Europe! ๐Ÿ™Œ๐Ÿป
Dan Spooner
Maker
@alexdapunt Thanks! We're definitely hoping to bring Donut to Europe soon - we'll keep you posted for sure ๐Ÿ‡ช๐Ÿ‡บ
Carlo Egle
Hey Donut Team, congrats to the launch of that awesome app! Never thought investing spare change could be that fun ๐Ÿฉ๐Ÿ’ธ
Dan Spooner
Maker
Thanks @carlo_egle!
Remco Katz
Writing reviews is not something I do a lot but I enjoy this product too much to not write a quick one. I have been using Donut for a month now. Some minor glitches were present in the beginning but quickly fixed by the team. I would highly recommend the app to anyone else that wants to diversify their assets with very little work required. Just set, forget and start saving Bitcoin. The saving goes extra fast with roundups which reminds me of Acorns. Personally I purchase every Monday (historically the cheapest day to purchase bitcoin). 5/5 rating for me!
Dan Spooner
Maker
@kraken_xiv thanks so so much for your support! It's great having you as an early adopter - we have loads of enhancements coming your way soon too!
Amy Alexandra Wilkinson
๐ŸŽ‰๐ŸŽ‰๐ŸŽ‰
Ghost Kitty
Comment Deleted
Robbie H
I love how simple they have made the actual investment user experience, and you are up and running in minutes. The product design is clean, permitting you to really focus on what you have come to the app to accomplish. I do hope that future iterations will provide a dashboard view of your overall progress (e.g. ROI, trending data, day over day performance metrics, etc.) Overall, pretty sweet!
Dan Spooner
Maker
@bruinrob11 thanks so much for your support and feedback. You read our minds! We've been busy designing, testing and building loads of improvements to help you track ROI, pricing & performance for both Bitcoin and Donut Savings. These features will be pushed in a new version of the app over the next month. You can check out our roadmap here: https://bit.ly/2ynm8Qi
Robbie H
@dan__spooner I love how you are evolving the product. You did not overwhelm new users (who might not have been familiar with cryptocurrency trading yet) with a lot of features they would not be well suited to use, you have allowed the product to grow with the customer, great approach. And somewhat related, sharing your roadmap with your customers (and stakeholders) is such a breath of fresh air, too often product guards this info from the people who can benefit from it the most. Sharing inspires confidence from your customers and lets them know you take their concerns seriously.
Dan Spooner
Maker
@bruinrob11 thanks so much for your kind words - much appreciated. As you said, we're working hard to bring new users with us on our journey. The improvements to charting and performance coming soon are super exciting, we're just making sure we don't overwhelm new users alongside providing much greater insight. Glad you like the roadmap! I take inspiration from Monzo for this - the masters in involving users in the product development process ๐Ÿ’ซ
Daniel Schulte-Hillen
Congrats team Donut. Such an amazing product. Hope you come to Europe soon!
Dan Spooner
Maker
@danielschuhi thanks for your support!
Alessandro Pogliaghi
I love the concept and if the UI/UX is even close to the UI of the website I'm sold! (Hopefully coming to Europe as well ๐Ÿ‡ช๐Ÿ‡บ๐Ÿ‡ฎ๐Ÿ‡น :D)
Dan Spooner
Maker
@tatoalo thanks ๐Ÿ™‚ Big props to @dario_ferrando for the web design & @lemurf @maxtillich on the app!
Graham Mitchell Fortgang
Extremely excited about this - and more importantly the unique positioning of how the product is marketed.
Dan Spooner
Maker
@graham_mitchell_fortgang thanks! Would love to hear your feedback, always looking to improve and build something you'll love to use ๐Ÿ‘
Lisa Wehden
Super cool and useful.
Neel Popat
Maker
@lisawehden Thanks Lisa!
Mathias Klenk
Great product. I signed up a couple of weeks ago and love the UI & design. Very interested to see the next steps and where this product is going!
Neel Popat
Maker
@mathias_kl Thanks! Great to have you on and looking forward to the next steps too ๐Ÿ‘€
Blaลพ Abe
Awesome! Been looking for this.
Dan Spooner
Maker
@blasabe great stuff! Let me know if I can help answer any questions or you have any feature requests :)