Is Saga a bank? : Saga

Is Sögur a bank? Print

Created by: Keren Orian Nadel

Modified on: Wed, 9 Sep, 2020 at 12:14 AM

Sögur is not a bank, but it does store the reserve in traditional banks.

Sögur is not a financial establishment and does not act as a middleman. Rather, Sögur is a currency protocol that uses a smart contract. Sögur does not hold users' money; funds that were used to purchase SGR from the smart contract are stored in the reserve, and deployed according to a pre-set algorithm for users’ best interests. Any interest earned on the reserve funds are added to the reserve.
Sögur does not make payouts. The ERC 20 wallet permits a user to send their SGR to the Smart Contract which is designed to return an equivalent value of ETH to the user.
Sögur does not enable loans.
Sögur does not take deposits.
Although Sögur does exchange currency for its reserve, it does not offer currency exchange as a service.

Keren is the author of this solution article.

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Is Sögur a bank? Print