Using Valora

Introducing a new way to save with Valora

July 19, 2021

There’s a new way to make your money work for you. Now you can save Celo Dollars (cUSD) in Valora and earn up to 5% annually. Whether you’re saving up for something specific (like a holiday weekend), or setting aside funds in case an emergency pops up (like an unexpected medical bill), it’s good to set aside some money that’s secure, stable, accessible, and earning while you sleep.

Why save with the Celo Dollar stablecoin?

There are many factors to consider when deciding where to save your money. With an abundance of savings accounts, tools, and services, there are countless options to choose from. At Valora, we like saving with the Celo Dollar (cUSD) because, unlike many other cryptocurrencies, its value doesn’t change drastically over time. The Celo Dollar (cUSD) is a special cryptocurrency called a stablecoin. The value of cUSD tracks the value of the US Dollar—to put it simply, 1 cUSD = 1 US Dollar. This means that you can count on Celo Dollars as a secure way to save. 

How do I start earning? 

It couldn’t be easier to start saving and earning in Valora! There are no sign up forms, buttons to click, initiation fees, contracts to sign, or hoops to jump through. And there’s no minimum balance required— you can start with as little as 1 cUSD and you’ll start earning automatically. All you have to do is keep cUSD in your Valora wallet and you’ll continue earning money while you sleep (and while you’re awake). 

Here’s how to start saving and earning with Valora:

  1. If you haven’t already, connect your phone number in Valora. In Valora, tap the green Earn button in the menu, then Connect Number. Enter your phone number and tap Start.

  2. Add cUSD to your Valora wallet—you can start with as little as 1 cUSD. In Valora, go to Menu, Add and Withdraw, Add Funds, then select cUSD as the currency you wish to buy, then select your preferred payment method.

How does it work?

Thanks to the Celo community, anyone who is holding cUSD and has confirmed their phone number can earn up to 5% annually on their cUSD balance. The Celo community came up with the decentralized cUSD savings program, which is operated by volunteers and funded by the Celo Community Fund. When you keep cUSD in your Valora wallet, you'll automatically start participating in the cUSD savings program. 

While some 3rd party services might charge you a fee when you initially add funds into Valora (this will depend on which services are available in your region and which one you choose) there are no fees charged to save through Valora!

  • No annual fees

  • No initiation fees

  • No management fees

  • No low balance fees

  • No cancellation fees

Read the Terms & Conditions for full details. 

How much can I earn?

The maximum you can earn is 50 cUSD per year, and to achieve that you’ll need to keep a balance of at least 1,000 cUSD throughout the year (1,000 cUSD x 5% = 50 cUSD). But the amazing part is, your earnings belong to you as soon as they’re deposited each week—no need to wait until the end of the year. 

How can I use my earnings?

You can use your earnings as soon as they’re deposited into your Valora wallet each week. You have a few different options:

  • Shop your favorite brands in Valora. Use your cUSD to buy gift cards for major retailers, services, and subscriptions around the world like Amazon, Walmart, and Apple. (Offerings may vary by location.)

  • Convert your cUSD to CELO. CELO is the native asset on the Celo Network. It has a fixed supply and a variable value related, in part, to the total value of stablecoins in circulation in the Celo ecosystem.

  • Send cUSD to a friend anywhere in the world. All you need is their phone number. Sync your contacts to make it even easier.

  • Keep saving your cUSD in Valora. Stay in it for the long haul and watch your money grow. 

Don’t spend it all in one place, or do. It’s completely up to you. 

Real life…what would saving in Valora look like?

Here’s an example. Let’s say you’re saving up for a vacation next summer so you add 1,000 cUSD to your Valora wallet and leave it there for one year. You’ll receive 0.96 cUSD earnings each week, which would add up to 50 cUSD total at the end of the year. At that point, you could spend your 1,050 cUSD balance on an airbnb gift card in Valora. Now you can splurge for that beach bungalow on vacation! You got a little extra, just by saving your cUSD with Valora. Nice, right?

Ok, I’m ready to start earning!

When you use Valora to save your cUSD, you create awesome new possibilities to make your money work smarter, not harder. Download Valora to start earning on your savings today.

July 19, 2021

Related Articles

Using Valora

Introducing a new way to save with Valora

Earn up to 5% on your savings

Using Valora

Introducing Valora

Valora is the first mobile payments app built on the Celo platform that makes sending crypto as easy as sending a text message.