Founded by Ivan Zhang and Karol Przybytkowski, PennyWorks aimed to simplify access to the yields available in the DeFi space for mainstream investors. The platform allowed users to deposit US dollars, which were automatically converted to USDC stablecoins. These stablecoins were then supplied to institutional borrowers through a lending partner to generate a variable APY for the user. The company's mission was to bridge the gap between traditional finance and DeFi, offering a secure and user-friendly way to earn higher yields than traditional savings accounts. However, its operations were critically impacted by the collapse of its lending partner.

Founded in

United States