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P2P Lending Platform Dharma Introduces a Twitter-Based Payments System

Dharma is a peer-to-peer (P2P) crypto lending platform that is backed by Coinbase, Polychain Capital, and Y Combinator. It has introduced a new feature known as a social payment system on its platform which enables users of Dharma to send USD to any Twitter handle.

Users can send money regardless of recipients’ location

The company has added another facility for its users. Dharma users can send money to any Twitter handle without taking into account the location of the receiver. In addition to this, it is not necessary for recipients to have a Dharma account in order to receive payments. Announcing the news on April 21, 2020, the crypto lending platform said:

“Introducing social payments – a Twitter-native financial ecosystem. Today, you can send USD to any Twitter handle, regardless of where that person lives — even if they don’t have a Dharma account. Now every Twitter handle accepts (and earns interest on!) payments.”

However, in order to make a payment to a Twitter handle, users of Dharma will be required to deposit funds into their Dharma accounts. Once the funding gets complete, they can find a Twitter handle they want to send money and then can send payment easily.

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Now Twitter users would be able to accept payments in USD through this newly-introduced social payment system. Moreover, this new feature will also allow Twitter users to earn interest on payments they will receive easily and freely without any kind of fee.

Payment recipients will need to tap the link sent to them by the Dharma bot, create an account, and then they can claim and receive their funds by connecting their account to Twitter.

The crypto lender Dharma got a lot of funding from various crypto venture funds. The company initiated a fundraising round in February 2019 for developing a decentralized platform for crypto traders and received around $7 million in funding from major companies Coinbase, Ripple, and Polychain Capital.

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