In a clever stunt, Fintech start-up Neverless has given some Dublin citizens a welcome surprise. But before you start scouring the parks with a shovel, let us clarify – it’s all part of the innovative launch strategy of Neverless, a new fintech platform promising to revolutionize the way people earn money, even while they sleep.
The brainchild of ex-Revolut executives, Neverless aims to democratize wealth-building strategies that have traditionally been the domain of the wealthy elite. And what better way to announce their arrival on the scene than by adorning Dublin’s trees with cold, hard cash?
“We wanted to do something eye-catching to show that we’re here to be disruptors in the space,” said Rita Riera Pastallé, head of marketing at Neverless. “And what’s more eye-catching than money literally growing on trees?”
The Neverless team spared no effort in ensuring that their launch would turn heads. From strategically placing smaller trees around town adorned with mock banknotes to the centerpiece – an actual tree planted in Peace Park, the stage was set for an unforgettable spectacle.
As the sun rose on Thursday morning, the Neverless team sprang into action, placing real €5 notes among their own ‘notes’ bearing a real value within the app. The result? Money trees have grown overnight in the city.
“We believe in earning more by doing less,” said Pastallé, referring to Neverless’s core philosophy. “And what better way to embody that than by literally growing money on trees?”
Neverless utilizes a blend of trading and arbitrage opportunities within the cryptocurrency markets to generate significant returns for its users. With over 3000 downloads since its December release, the platform is already making waves in the fintech world.
“Neverless has been in stealth mode for the past year,” revealed Pastallé. “But now, we’re ready to show the world what we’re made of – one money tree at a time.”
With plans to expand their disruptive presence beyond Dublin’s borders, Neverless is poised to change the game in the world of wealth management. So keep an eye on the trees – you never know when the next windfall might be just around the corner.
The Neverless team have also placed humorous toilet rolls and beer mats around the city to make the local population react.
Neverless has taken over the city not only with their money trees but they’ve placed fun toilet rolls and coasters to show how people can make money passively with Neverless.
About Neverless
Neverless is a new-to-market fintech platform that uses a mixture of trading and arbitrage opportunities inherent in the volatile cryptocurrency markets to earn significant returns for its customers. Neverless is an EU-registered VASP (Virtual Assets Service Provider). The Neverless app was released on both Apple and Android app stores in December and, through word of mouth, more than 3000 users have downloaded the app. In 2023, Neverless raised $6.7 million in pre-seed from leading European VCs making it one of the largest pre-seed rounds in European History.
1. High-frequency arbitrage
Exchanges function by receiving orders to buy or sell a certain quantity of a certain asset, at a certain price (‘I am willing to buy 37 Ethereum at $1,825.09’, ‘I am willing to sell 6 Ethereum at $1,825.33’). These orders constitute an ‘order book’.
As there are different supply and demand on the various exchanges at a given point in time, their respective order books differ.
As a result, ‘arbitrage opportunities’ often arise. They constitute abnormal situations where one can, at the same time, buy an asset on one platform at a certain price, and sell the same asset on another platform at a higher price. For example, one could maybe buy Ethereum at $1,825.09 and sell it at $1,825.13 at the same time, pocketing a $0.04 profit per Ethereum without exposing themself to market risk.
This only works if:
- The trading infrastructure is fast enough (hence the terminology ‘high- frequency trading’) so that these two actions are almost simultaneous (microseconds to even nanoseconds apart
- The algorithm detects and repeats this action thousands if not millions of times a day so that, summed up, the profits amount to significant returns
- The fees paid to make these transactions are lower than the profits.
Given the assets are almost bought and sold right away, no position is held over time. Whether the future price of these assets increases or decreases becomes irrelevant as a result, thus making this strategy market-neutral.
2. Market making
In order to ensure smooth running of any markets, there’s a need for market makers who participate in the market at all times, buy assets from sellers, and sell assets to buyers. Market makers provide liquidity to the markets in return of profits that come from the difference in their quoted buy price and sell price.
For most of the time, the buying demand roughly averages out the selling demand, which makes the market position of the market makers unchanged. During the time of high volatility when there is more selling demand than buying demand or vice versa, Neverless automatically hedges any net exposures arising from fulfilling market orders.
The difference between the spread collected from buying and selling at the same time, and the transactional cost of hedging is the profits generated from this strategy.
3. Passive liquidity provision to decentralised trading pools
Decentralised trading pools (also known as automated market makers) need liquidity to ensure traders can buy or sell conveniently at any time. By providing liquidity to these pools, the liquidity provider earns a share of the fees paid by traders.
When obtaining and depositing these assets to the pools, one is exposed to the future price of these assets. To offset this exposure, Neverless automatically opens short positions on these assets and dynamically maintains such hedges in order to achieve market neutrality.
The difference between the fees collected from traders and the hedging cost is the profits generated from this strategy.
4. Funding rate arbitrage
Some derivative exchanges allow traders to pay a ‘funding’ fee periodically in order to take high leverage on their position. If one assumes the opposite position of the net open interest of these traders, they will receive the periodic funding fee.
Neverless automatically scans all markets for high funding fee opportunities and opens appropriate positions to collect such fees, while at the same time opening hedging positions to offset the market exposure arising from counter-trading the markets.
In terms of security, while investments can go up as well as down, Neverless has put aside part of corporate funds and daily earnings into an internal insurance fund to cover unlikely losses. This fund increases every day and with every client.
