Data Mynt is not a bank. Data Mynt is a financial partner offering businesses opportunities to grow.
What’s the difference between a Data Mynt Global Business Wallet and a Business Savings Account from a bank?
While your bank hypothecates your funds for a number of risky propositions, Data Mynt facilitates ‘staking’ of funds.
Some blockchain protocols allow participants to earn additional cryptocurrency by contributing to the network. These rewards can be earned in many different ways including staking, inflation, savings rates, etc. Data Mynt wants businesses to be able to benefit from these protocols. Data Mynt will facilitate participation in these networks and pass on the rewards to eligible businesses who have opted into this feature.
Data Mynt supports the growth of modern, global businesses with global financial solutions.
We offer a fixed 5% APY
No monthly fees
No minimum balance required
Immediate settlement, payments and liquidity management
Control over your payroll
Meanwhile, business savings accounts offered by legacy banks:
Up to 10 business days for international wire transfers
$16 average fee to receive international wire transfers*
$49 average fee to send international wire transfers*
Staking is the process of actively participating in transaction validation (similar to mining) on a proof-of-stake (PoS) blockchain. On these blockchains, anyone with a minimum-required balance of a specific cryptocurrency can validate transactions and earn Staking rewards or yield.
How does staking work?
When the minimum balance is met, a node deposits that amount of cryptocurrency into the network as a stake (similar to a security deposit). The size of a stake is directly proportional to the chances of that node being chosen to forge the next block. If the node successfully creates a block, the validator receives a reward, similar to how a miner is rewarded in proof-of-work chains. Validators lose part of their stake if they double-sign or attempt to attack the network.
What is inflation?
Assets such as Algorand (ALGO) earn rewards via inflation, or community rewards. With inflation, new tokens are added to the network at a rate determined by the protocol, and those tokens are then distributed to holders as rewards.
How does earning yield with Data Mynt work?
Some protocols offer asset holders the ability to earn rewards via Proof of Stake, which means that you're able to earn rewards just for holding a minimum balance. Coinbase helps connect eligible customers to those platforms to earn rewards from those protocols. Depending on the asset, you may be required to accept specific terms or opt in to staking.
Please keep in mind:
You will retain full ownership of your staked assets. In the event of a slashing incident involving staked ETH2, Data Mynt may or may not replace your assets—depending on the cause of the slashing. Learn more about the slashing policy for ETH2.
For some assets with lockups at the protocol level, we may withhold a small amount of that crypto to assure that all Data Mynt customers have liquidity and can cash out their stablecoin assets as needed.
We take a commission on all rewards received, and the return rate for our customers reflects this commission and the actual amount of your crypto that was staked.
Who is the team behind Data Mynt?
From Nigeria to Mexico City, our team at Data Mynt is truly diverse group of global citizens. We are experts in tech, financial services, marketing, and design and have an authentic global presence. Based out of Oakland, Ca., our CTO resides in India and our Head of Growth Marketing is in China. The whole team values our diversity as well as the expansiveness of our youthful exuberance and veteran know-how. See About Us and our LinkedIn.
How can I deposit funds into my Data Mynt Global Business Wallet?
Currently, Data Mynt deposits are handled through Moonpay, a trusted partner leader in digital assets payments worldwide. (We’ll also be adding Banxa in a few weeks)
Here’s a step by step guide on how to deposit funds into your Data Mynt Global Business Wallet with Moonpay:
Log in at Data Mynt App, add the amount you want to deposit into the deposit box, and click continue
You’ll be asked for a verification code sent to your mail address. Enter the code and click continue.
For the next step, you’ll need to fill a form with your basic information. Fill the form and click continue
Next, you’ll be asked to enter your billing address in order to process the deposit.
Depending on your country’s regulation you could be asked to verify your phone number in order to continue with the process.
Next, you’ll need to verify your identity. This process consists of only 4 to 5 steps and is optimized to approve your verification almost instantly after the requirements are sent.
The first step consists of selecting the type of document you’ll upload in order to verify your identity and the country of issuance.
The final process of identity verification needs to be completed on your phone. In order to do this you have two options: scan the QR provided or receive a link via text message. Select your preferred method and continue on your phone.
Upload the required photos of the document you’ve selected and take a selfie to complete the verification process. If these steps are done right, you will receive the approval almost immediately.
Last but not least, add your payment method and confirm your deposit.
What is the minimum balance required for a Data Mynt Business Wallet?
There is no minimum balance required to have a Data Mynt Business Wallet.
If I have a problem with a deposit or withdrawal, what should I do?
Tap the menu icon represented by 3 dots in the upper right corner of the browser app.
Tap “Add to Home Screen”.
Enter a name for the shortcut or use the default one provided by Chrome.
Tap “Add” & save the shortcut to the home screen.
Does Data Mynt offer 2FA (Two-Factor Authentication)?
Yes! To enable 2FA on your account you need to go to your profile settings by clicking on your name at the top right corner of the page and selecting “profile.” You then will be redirected to your user panel. (Or just use this link).
There, select “enable/disable two-factor authentication” after that you’ll be asked to scan a QR with an authenticator app that will give the code you need to enter on Data Mynt to enable 2FA.
If you don’t have an authenticator app you can download Google Authenticator (Android/iOS), Authy (Android/iOS), or Microsoft Authenticator (Android/iOS).
Can I change the email address for my account?
Yes! Go to your profile settings by clicking on your name at the top right corner of the page and selecting “profile” and you’ll be redirected to your user panel or just use this link. There, select “Change email address” and follow the instructions.
What if I have Performance Issues in the app?
If you find any performance issues in our platform and/or have any suggestions, please share them with us at email@example.com.
Are you Hiring?
Yes! We’re actively looking for talented people who want to join us in building the future of financial services. Take a look at our open positions here: https://angel.co/company/defi4all/jobs.