New “hybrid” banking app Dexy gears up for launch in the US

A new all-in-one banking app, Dexy, is set to launch soon in the US.

Calling itself a “hybrid” banking app, Dexy aims to help underbanked customers in emerging markets by providing access to US dollars (USD) and cryptocurrencies.

The product includes a USD bank account armed with Federal Deposit Insurance Corporation (FDIC) insurance, global debit cards, crypto accounts, “instant 24/7” cross-border transactions and a “high” annual percentage yield (APY) through decentralised finance (DeFi).

Founded this year in Miami, Florida, Dexy is currently accepting applicants to its waitlist, with a VIP waitlist feature enabling early access to the app and some special features.

Dexy claims customers will be able to open an account through its mobile app “within minutes” and earn up to 7% on deposits without locking funds and earn 5% cashback via physical and virtual Mastercard debit cards.

“Crypto should be simple and trustful — not scary,” the start-up says. “As borders between real and virtual worlds become less existent, crypto should always be in your pocket.”

It claims its USD bank account will be protected by US banking law and regulation, permitting domestic transfers within the US, as well as international SWIFT transfers to more than 150 countries. Its crypto wallet will allow users to store stablecoin USDC and cryptocurrencies Bitcoin (BTC) and Ethereum (ETH) under insured custody and allow cash to crypto transfers “instantly with no hidden fees”.