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Sunsetting the Outlet Rewards Account
Sunsetting the Outlet Rewards Account
NEW on-chain features to come!
Patrick Manfra avatar
Written by Patrick Manfra
Updated over a week ago

Sunsetting the Outlet Rewards Account

This first week into 2023 was a whirlwind with our payments partner, Wyre Payments Inc (learn more about what happened here).

Acting in the best interest of all users on Outlet, we believe it is time the rewards account powered by Wyre Payments (Wyre+ Reward program) comes to an end. We will be launching a new on-chain rewards account instead!

Sunsetting the Outlet Rewards Account means:

  1. All Outlet user’s assets were taken out of lending through Wyre.

  2. No APY% rewards can be and will not be paid out by Wyre/Outlet in 2023.

  3. The current digital asset rewards account will no longer be a service that Outlet offers.

Everyone will be prompted to move funds in the Rewards Account to either their bank account or to the new on-chain account we have in the app.

What’s Next For Outlet?

Today, Friday, January 20, Outlet will be pushing a new version of the app to the app store. This new version which will allow you to deposit funds into the new “OP Account” or withdraw to your bank account.

Instead of offering the Rewards Account on the Outlet app to earn yield, we are choosing to connect everyone to the top opportunities in all of Web3 in a simple and familiar personal finance app experience.

We have been working on simplifying crypto and blockchain technology to give everyone the opportunity to earn more yield on-chain (learn more here). This will increase the yields we offer and the amount of trust we have today by giving users the ability to see their investments on the blockchain.

Being on-chain removes custodian risk and allows everyone to be their own custody partner. This means we will never face the situation we experienced with Wyre again. On top of that, we have decided to leave Wyre and find new infrastructure partners which we will be speaking about in another update.

Here are the new products Outlet will offer:

  1. Non-custodial Wallet (learn more here)

  2. “OP Account” - Optimism / Velodrome Lending Pools (learn more here)

  3. Cryptocurrency Exchange/On & Off ramp (learn more here)

We will continue to provide FAQs and video tutorials on how to use these new products. You can always contact our support team to ask any questions if you need assistance.

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