Yearn was originally founded in early 2020 by Andre Cronje, a software developer and entrepreneur from South Africa. The Yearn platform is built on the Ethereum network. and seeks to maximize users’ returns on their crypto through lending and trading (otherwise known as “yield farming”). The goal of Yearn is to manage crypto deposited by users and earn them passive income in the simplest way possible. Andre created the Yearn token (YFI) to help govern the Yearn Finance platform and enact changes that further the development of the project. If you are wondering how to buy Yearn tokens in Canada, Netcoins is a publicly-traded, fully regulated crypto trading platform. With 0% funding fees*, free cash withdrawals, and live customer support service seven days a week, we make it simple for Canadians to buy Yearn (YFI) and other cryptocurrencies.
1. Create an Account
Visit the Netcoins website and click on the sign-up button. Or download the Netcoins app from the app store for mobile. Enter your email address, create a strong password, and agree to the terms and conditions. You will receive a confirmation email, click on the link to verify your email address.
2. Fund It
Choose your preferred funding method: bank wire transfer, interac e transfer, crypto deposit, or cash deposit. Follow the prompts to transfer funds into your Netcoins account. The process is quick and incurs no fees.
3. Start Trading
What Can You Do With YFI?
Undeniably, the simplest thing to do is to buy Yearn hoping for the price to go up in the long-term. However, there are ways to make additional income on the tokens you hold through other decentralized finance protocols.
How Is YFI Unique?
What makes Yearn Finance unique is its value proposition to crypto users worldwide. The project’s goal is to simplify the decentralized finance (DeFi) process while also allowing users to maximize returns on their crypto investments. One of the challenges people faced were the complexities surrounding decentralized finance, which included clunky interfaces and complex processes. Yearn took on these challenges and created 3 different products: Earn: This product focuses on lending. It acts as a yield aggregator by leveraging different DeFi protocols (projects) and strategies to maximize user profits. This automated process ensures users earn the highest interest rate possible on their holdings.
Why Invest In YFI?
Yearn Finance has gained significant traction since its creation as an alternative to the traditional finance space. In a system normally filled with financial institutions, high fees, and a total lack of transparency, Yearn offers an opportunity to invest in the revolution of traditional lending as we know it today.
Yearn has a unique product offering. With three products that offer investors the opportunity to take full advantage of the crypto assets they hold, Yearn can be a great platform for crypto investors
If you want to learn more about Blockchains, Bitcoin or Ethereum, follow our educational blog!
FAQs
Why is KYC (Verification) required?
Netcoins Inc. is a licensed money service business under FINTRAC, and a registrant under the Provincial Securities Commissions, and adheres to the strict guidelines set by them for Money Transmitter Businesses and Securities Registrants. We are required to have a Know-Your-Client (KYC) process and compliance program in place. KYC is a process that allows us to verify the identity of our customers.
What do I need to provide for your verification process?
You will have to provide your email address, phone number and personal information including your first name, last name, address, date of birth and a piece of identification (like a driver’s license). Most users are verified at this point through our automated process. If you don’t pass the automated KYC process, you will have to go through an additional document verification stage. This is important and required as we are a regulated money service business.
How can I fund my account?
Your Netcoins account can be funded with a crypto deposit, Interac e-Transfer, or a bank wire transfer. Once you have funds in your Netcoins account, you’ll find that it’s super easy to buy YFI in Canada.