The fintech Montrealer Timechain is ready to offer up to 6% in interest to individuals.
“Currently, banks are giving almost 0% on savings accounts. With our mobile app, people can deposit their money and get 3% interest, ”says Louis Cléroux, founder and CEO of Timechain.
Timechain even intends to offer up to 6% interest to its clients within a few weeks. To get beyond 3%, a client will need to own a certain number of TimechainSwap (TCS) tokens, on which the business ecosystem relies.
Timechain launched this fall an application allowing, among other things, the transfer of funds and the management of a cryptocurrency portfolio.
PHOTO MARCO CAMPANOZZI, ARCHIVES THE PRESS
Louis Cléroux, founder and principal manager of Timechain
We give the equivalent of rewards [en intérêts] to people to thank them for trusting us. In turn, customers are expected to eventually want to trade cryptocurrency with us and this is where our money is made.
Louis Cléroux, founder and principal manager of Timechain
The 35-year-old entrepreneur clarifies that it is enough to have a bank account and link it to the app to deposit money, and adds that the funds are protected by the Insurance Company- deposits from Canada.
In interview with The press in September, Louis Cléroux said his goal was to generate more than $ 1 million in profits per month with the application. He maintains that he got there from the first month in October.
To generate its profits, Timechain arbitrates between different cryptocurrency exchanges to obtain better prices when making transactions to buy and sell cryptocurrency.
“A lot of people are starting to get interested in cryptocurrency, but banks aren’t showing that much interest in offering cryptocurrency services. We want to position ourselves in this fast-growing niche and our next service will be interest-free cryptocurrency loans, ”says Louis Cléroux.
He maintains that Timechain now has nearly 15,000 users and expects a “big” increase in the next three months. “Our goal is to have 100,000 users in the first quarter of 2022.”
An NFT signed Timechain
To promote its application, management relies on online advertising and a presence in social media such as Discord and Telegram. “I personally take care of responding to people on these platforms,” says Louis Cléroux.
He points out that Timechain has now passed the milestone of 50 employees and consultants. “We aim to double the workforce to 100 people in 2022 and we are trying to find a larger official physical space in downtown Montreal. ”
Louis Cléroux also indicates that he is preparing the upcoming launch of an NFT (non-fungible token) in collaboration with Quebec artist Antoine Tava.
We think that it could attract a younger clientele by bringing a more playful and more visual aspect. People will be able to acquire an NFT and then trade it on different websites.
Louis Cléroux, founder and principal manager of Timechain
“People can use these images to put them on their LinkedIn, Facebook or Twitter profiles. It’s a bit like saying: I have an expensive painting or a Rolex watch. We can copy the image, but the resale is only done if you have the token behind which is the NFT. The more people copy the image, the more popular it becomes, which gives NFT value. ”
Timechain, whose main office is located in the Tour des Canadiens, is registered with the Autorité des marchés financiers and has the right to practice under the Money-Services Businesses Act. The company is notably supported by Centech, the incubator of the École de technologie supérieure (ÉTS).