FAQ

TABLE OF CONTENTS

About Barn

Earning Interest

Cash Back

Crypto

Debit Card

KYC

Deposits and Withdrawals

About Barn

What is Barn?

Barn is the next gen finance super app that pays you industry-leading 8% APY as you spend, send, save, and invest with no fees, minimum balance, or commitments. Combine that with a revolutionary, frictionless, and automatic cash back up to 10% on over 100,000 local and national brands. Finally, Barn offers a multi-chain wallet to buy crypto assets with zero fees and cash out from any crypto wallet instantly!

What is Barn’s goal?

Barn aims to fix the broken financial system and give power to the people. Big banks make billions off your idle cash while giving you pennies for the privilege. Combine that with inflation reaching decades long high, every dollar in a traditional bank is losing value like an ice cube melting in the sun. We think it’s time that stops, and we pledge that Barn is a revolutionary replacement – one where you are in control, not Wall Street.

Are there any fees for using Barn?

No – Barn is completely free of charge. We generate revenue from the returns we make to continue providing our services and pass majority of it along to our customers.

Where is Barn incorporated?

Barn is a US Delaware incorporated company. Our headquarters is located at 18 6^th Avenue, Brooklyn, NY 11217.

What is Barn’s business model?

Barn generates its profits to continue to provide you its services from the returns it makes on top of the 8% APY made accessible to you. Barn keeps a small percentage of the spread generated while passing along majority of the returns to its users.

In which countries does Barn operate

Barn currently operates in all states of the United States besides New York and Texas. Although starting in the United States, Barn aims to be a global product and offer its services to all countries where crypto and DeFi are legal.

Earning Interest

How does Barn generate 8% APY returns?

This is where we unpack the magic. Barn uses the power of the digital dollar aka USD Coin (USDC) which is a digital currency that is constantly audited, fully backed and overcollateralized by the U.S. dollar. USDC is a tokenized U.S. dollar, with the value of one USDC coin pegged 1:1 to the value of one U.S. dollar. USDC is a hard currency, easier to store than cash, not prone to banks’ failures, can be used to generate yield, and is not subject to the volatility of the broader crypto market. Additionally, demand for USDC is much higher than the U.S dollar and lending USDC using a multitude of platforms (called “protocols”) that Decentralized Finance (DeFi) offers, provides us with a high enough yield so we can pass majority of those returns to you. Compare that to a traditional bank that makes 4% off mortgages from idle cash sitting on your bank account and pays the consumer somewhere between 0.01% and 0.08% back in interest. With interest rates like that, why even save?Finally, Barn uses institutional grade custody and lending partners that are constantly audited so you can rest easy with your money and data always safe at Barn.

Is Barn Secure? Are there any risks involved?

The risks associated with using Barn are the same as any other investment. However, we have developed highly secure technology and are constantly working to mitigate these risks. Your data at Barn is encrypted via AES-256 standards while the App is secured by a password and 2 Factor Authentication. We partner with industry leading custody and lending partners who are constantly audited while providing institutional grade security. Barn uses Plaid – an industry leader – for deposit and withdrawals with an additional layer of insurance to guarantee that your funds are protected.

‍When do I start earning the interest?

You will start earning interest as soon as you make your first deposit.

How often are the returns credited to my account?

Returns are compounded every second and paid out weekly!

Cash Back

How does automatic cash back work?

Use your Barn debit card online or in person and we will deposit cash back into your wallet automatically! Start earning interest on your cashback as soon as it’s deposited.

What brands does Barn offer cash back on?

We offer cash back on over 100,000 local and national merchants online or in-person. Simply open the Barn app, search for your favorite merchant, or browse offers curated just for you.

How can I search for cash back offers near me?

Barn provides the largest number of merchant offers near you, providing a strong element of convenience and highly relevant offers in your immediate location. The offers map allows you to easily explore offers that are close by while trending offers allow you to see the hottest offers other users are redeeming.

Crypto

Can I invest in Crypto assets?

Yes! Barn offers a multichain wallet for you to invest, send, and cash out your crypto any time!

What are the fees involved?

Barn charges 0% fees on crypto purchases and withdrawals. You can send and receive crypto assets to your wallet with Barn as well. There might be network fees involved when sending or receiving crypto which is paid directly to the network. Barn charges no fees to deposit or send crypto from an external DeFi wallet.

When can I cash out on my crypto?

Stop waiting 7 days to cash out your crypto. With Barn, you can cash out on your crypto assets instantly!

Debit Card

What are the benefits of Barn debit card?

Barn reimburses you for all ATM fees worldwide. You are eligible to use any ATM where Mastercard debit cards are accepted, and any operator charges will be reimbursed worldwide, including the foreign transaction fee.

Where can I pay with Barn?

You can pay with Barn debit card anywhere online or in-person where Mastercard is accepted!

How can I pay friends and family fee free?

Search for the username of the person you wish to pay and send your payment instantly fee-free!

KYC

Why do I need to do KYC?

Barn requires you to complete your KYC for regulatory compliance. Regulations across geographies mandate that Barn collects KYC as well as does AML (anti-money laundering) checks on its users before allowing them to deposit USD or crypto. This one-time process ensures that our users face no legal or financial hassles later and are investing in a fully compliant manner.

How do I become a Barn member?

You must be 18 years or older. You must also be a US Citizen, Permanent Resident, or holder of a valid US Visa. Barn uses a third party to confirm the personal information that you enter. We do not we don't perform credit checks or report to any credit bureaus regarding your activity.

Deposits and Withdrawals

How can I deposit funds?

Barn uses Plaid – an industry leader – to connect your Bank account with a safe, compliant, and frictionless experience.

How can I deposit my paycheck into Barn?

Barn allows you to connect your payroll account using their payroll credentials. The redirection of their direct deposit is seamless, secure, and verified in real-time.

Is there a minimum or maximum deposit amount?

Nope! There is no minimum or maximum deposit with Barn.

When can I withdraw my funds?

You can withdraw your funds any time!

Is there a minimum or maximum withdrawal limit?

Nope! There is no minimum or maximum withdrawal limit with Barn.