Yotta, a NYC based fintech startup, has taken a different approach to the competitive digital bank landscape by offering a suite of engaging and entertaining financial products to set its users up for success. The company announced this morning that it’s launching a new product called “Crypto Buckets” that allows any Yotta user to earn an average 4.0% Annual Percentage Yield (APY) along with the chance to win $10 million every week.
Launched in the summer of 2020, Yotta’s first product was an FDIC insured high-yield savings account where for every $25 you save, you get a recurring ticket into a weekly sweepstakes to win prizes up to $10 million with no risk, plus a base interest rate higher than most banks. Yotta has paid out over $4 million to its users through Yotta Savings.
In the summer of 2021, Yotta launched the first ever random rewards debit card, where every purchase made has the chance to be free. The instant gratification has led to strong adoption and Yotta has already awarded over 6,000 free purchases valued at over $300,000.
With the introduction of Crypto Buckets, Yotta is now passing on a higher yield to its users while maintaining its exciting sweepstakes. The company converts users’ funds into the most reputable digital currency, USDC that is backed 1:1 with the US Dollar, to earn higher yield, and Yotta passes on the higher interest in the form of more sweepstakes tickets. Users receive a recurring ticket for every $10 deposited in Crypto as opposed to $25 in USD savings. Users can also spend directly out of their Crypto bucket without any transaction fees. Users deposited over $10 million in Crypto buckets during the first five days of early access and the team hopes to rapidly build on this early success with its public launch.
“Along with the chance to win big cash prizes, we wanted to offer exposure to Crypto in a safe manner and without the complexity, fees, and hoops to jump through from other products in the space. With Yotta, your stablecoin and your USD live side by side and work seamlessly together.”
– Adam Moelis, Founder & CEO at Yotta