Alluo Explained


This page gives a high level summary of the FAQs


If you’re here we assume you’re looking for a super-simple FAQ about Alluo. If you want to read a bit more, try the basics about Alluo, our follow one of the links below about the mobile and web apps.


👀 What is Alluo?

Alluo is an easy-to-use mobile app and "PRO" Webapp, that lets users earn great yields on the funds they deposit in Alluo.
Funds in Alluo can only be accessed by you - we don’t have access to your funds nor does anyone else.

👮 Is Alluo regulated?

No, Alluo is not regulated.
This means that Alluo is not a bank account and the funds in Alluo are not insured by the FDIC, FSCS, or any other government fund.
This also means that no government agency has access to the funds you hold in Alluo - only you can access them.

🙋 How do I get started?

For mobile users - simply download the Alluo app on the Apple store or Google Playstore, to get started.
Once you have downloaded the app, it should take you less than 2 minutes to create an account and start earning!
More advanced users can connect their crypto wallet to our web app at

🤷 What can I do with Alluo?

Today, you can deposit money using a card or a bank account and you will start earning a great yield right away!
You can also transfer money to a friend or family member using the Transfer functionality.
Our Alluo Pro webapp (for pro users) allows you to access more complex Decentralised Finance (DeFi) strategies and invest other crypto assets.

🤯 How does Alluo work?

When you deposit money in the Alluo app using one of our on-ramp partners, the funds are automatically converted in dollar stablecoins, from there, they flow to the Alluo protocol which is a decentralized yield optimization protocol on the Polygon and Ethereum blockchains.
The protocol automatically invests and harvests the yield and returns the relevant share back to depositors.

💵 What are dollar stablecoins?

Dollar stabelcoins like USDC are crypto-currencies that track the dollar, where 1 USDC is typically equal to 1 dollar.
There is about $180 billion dollar worth of stablecoins in circulation today.
For more details about stablecoins, feel free to have a look at this article from coinmarketcap.

👛 What's a crypto wallet?


Ever wonder where and how your cryptocurrency is kept? Token holders can keep their cryptocurrency in a variety of wallets. However, they can be broadly divided into two groups: custodial wallets and non-custodial wallets.
A custodial wallet is a service that keeps your assets in its possession and is the owner of the private key to your wallet. Using a non-custodial wallet, such as Alluo, on the other hand, gives you sole ownership of your assets.

How do crypto wallets work?

A cryptocurrency wallet is a tool that enables communication with a blockchain network. You can use it, among other things, to access decentralised applications or transfer and receive cryptocurrency. Cryptocurrency wallets technically don't actually hold your digital assets. Instead, they produce the information you require to use crypto. However, it's simpler to conceptualise it as the former so we will continue to talk about it this way.
Among other things, a crypto wallet is made up of two main components – a public key and a private key. People can transfer you cryptocurrency by making a transaction to one of your addresses, which were created using the public key of your wallet.
You can share your public key and wallet addresses with other people (hence the term public). However, because it signs transactions and grants access to your cash, your private key should be handled as a secret password. You can access your crypto from any device as long as you safeguard your private key. You can find yours in the account section of your Alluo mobile app.
Although cryptocurrencies are digital, the private and public keys that they contain can be stored in a variety of ways, including printed on paper, in app and desktop wallet software, or offline in hardware wallet devices. It is critical to NEVER share your keys with anyone, or to store them in an unencrypted electronic format such as word documents. But whatsoever wallet style you choose, you will always have either a custodial or non-custodial wallet.

What is a custodial crypto wallet?

A custodial cryptocurrency wallet is one where your assets are kept in custody on your behalf. This means that your private keys will be held and managed on your behalf by a third party. In other words, you won't be the sole party with control of your funds nor will you be able to sign transactions.

What is a non-custodial crypto wallet?

In a non-custodial crypto wallet, the private keys are held and managed solely by the wallet's owner, providing complete control over their money. Unlike custodial wallets, or even a traditional bank there is no risk of your funds being frozen or misappropriated by a third party.
In addition, having a non-custodial wallet gives customers the opportunity to interact with decentralised exchange s(DEX) and decentralised applications (DApps).

⁉️ How does Alluo generate the yield?

When users deposit funds into Alluo via one of our onramp partners, they are automatically converted into dollar stablecoins. From there, along with any webapp crypto deposits, they flow into the alluo protocol where they can generate yield.
The yield generated from the protocol comes from 3 sources:
  • Liquidity fees, which are earned through the provision of liquidity between different assets
  • Rewards, which are given out by different protocols to attract liquidity to their liquidity pools
  • Interest from lending, which is earned by providing loans against other crypto assets such as Ethereum, Bitcoin etc.
For more information about how yield is generated, please have a read through this article on yield farming by coinmarketcap.
Yield farming is the term used for the generation of yield for a particular asset from liquidity pools within the decentralized finance space. 💡 Liquidity pools can get quite complex. Put simply, they are pools of tokens that sit in smart contracts and can be exchanged or withdrawn at rates set by the parameters of the smart contract. Adding liquidity to a liquidity pool gives you the opportunity to earn trading fees and possibly rewards Why can’t I just do this myself?
An individual customer can of course buy tokens, deposit them into the Curve pools, earn rewards, claim rewards deposit into Convex, claim rewards and convert back to their token/Stablecoin of choice. However, this multi-step process is at best time consuming and is certainly not straightforward for average users. Moreover, it is often not cost-effective for smaller deposits, especially if you want to spread your deposits over multiple pools.

✋ Who are Alluo’s on-ramp partners?

Alluo uses a network of on-ramp partners throughout the world such as Moonpay and, those partners allow you to easily deposit money from a card or bank account into Alluo and start earning great yields.

📱 What happens if I lose my phone?

If you lose your phone, simply download the app on your new phone and log in using your previous credentials.
Note that if your previous phone was an android, you will need your QR code or recovery phrase to recover your account on an android device (and vice versa).
See our account recovery FAQ for more detailed instructions of how to do this.

💥 What if something happens to Alluo?

The Alluo apps communicate directly with the polygon blockchain which means that even if the Alluo team is no longer operational, you will still be able to access your wallet and withdraw your funds.

👨‍👩‍👧‍👦 Who built Alluo?

The team at Alluo is composed of people from around the world (UK, Portugal, Uzbekistan, Russia, S Korea, S Africa) who have significant experience within the Fintech space from previous ventures.

💬 How do I contact the team?

You can reach out to us

🚨 How do I import a previous account, recover my account or move my account to another device?

Restoring your Alluo account if you’ve got a new phone

Upgrading your phone and remaining on the same OS is straightforward. Simply sign in and allow access to your iCloud or Google Drive to retrieve your account keys.

Restoring your Alluo account if you’ve changed from Apple to Android, or Android to apple

If you have your Recovery Phrase or QR code (These can be found under the Account section on your Alluo app on your old device) you can restore your Alluo account by following the steps below.
DO NOT share this phrase or QR code with anyone! Anyone with these details can access your All account and funds.
  1. 1.
    Reinstall the Alluo app on your new phone.
  2. 2.
    Select “Already have an account? Sign in” at the bottom of the opening screen.
  3. 3.
    Tap on ”Restore wallet”.
  4. 4.
    Review and accept the Terms and Conditions.
  5. 5.
    Proceed through the onboarding steps:
    • Select to restore using a QR code or your 12-word recovery phrase
    • Enter your Recovery Phrase or scan your QR code. Both can be found under the Account section on your Alluo app on your old device.
    • Tap ”Restore”.
    • Approve iCloud or Google Drive access
    • Done!

🦊 How can I use my Alluo App mobile wallet in Alluo Pro and other DeFi applications?

Exporting your Mobile app wallet from your app into Metamask - FOR EXPERTS ONLY
Those that want to, can export their Alluo App mobile wallet to an existing browser based wallet such as Metamask. This allows management of the mobile app funds in Alluo Pro and onward usage of the Alluo non-custodial wallet it in other DeFi applications.


Step 1
  • Go to Account recovery in Alluo App and retrieve Private Key
  • Keep key safe and do not copy or save screenshot
Step 2
  • Download and install Metamask in browser
  • Import private key from Alluo App into Metamask
  • Rename account if desired
  • Connect wallet to Alluo Pro website to manage mobile funds.

Step-by-step guide

Step 1
To export your account, you will firstly need to navigate to the Account recovery section of your Alluo app under your Account on your device to retrieve the Private Key.
You can find this under the “Private Key” tab at the top of the Account recover page, when you select “show private key” the key will be revealed once you’ve successfully passed biometrics or entered your password.
BE EXTREMELY CAREFUL in doing so. DO NOT copy this key electronically or save a screenshot as anyone that finds these can get access to your account and funds.
Step 2 Once you have found the private key you will need to import this into your browser web3 wallet of choice. Below we will tell you how to import it into Metamask.
  1. 1.
    Open your browser (Chrome/Brave/Firefox/Edge) and download Metamask:
  2. 2.
    Once you have installed Metamask, click on Create wallet and once the process is complete open the browser add on
  3. 3.
    When Metamask opens click on the colourful bubble top right which opens up a menu
  4. 4.
    Select “Import account” towards the end of the menu and enter the private key that you have displayed on your Alluo App Account recovery screen
  5. 5.
    That’s it, you’re all set once you’ve clicked import, the account should be ready to use in Metamask!
  6. 6.
    If you wish to rename the account so you know that it relates to your Alluo mobile app, you can do so by selecting the 3 dots beneath the colourful bubble, selecting Account Details and then selecting the pencil icon.
  7. 7.
    If you navigate to and connect your wallet using Metamask you will be able to manage your Mobile app funds with the Alluo Pro website

⚠️ What do I do if I have lost both my old device AND lost access to my cloud storage

The keys that allow you access to your Alluo app are encrypted and stored on your device’s cloud storage (iCloud on Apple phones or Google Drive on Android phones). If you lose access to your old device, AND you can no longer access your cloud storage you used when setting up your Alluo App, you will lose access to your Alluo mobile account.
Other ways to store your keys
If you are worried that this could happen to you, you should take appropriate steps to safely store your recovery phrase or Private Key. These are both extremely sensitive pieces of information. Anyone with either of them can access your account and take your funds. You should never store or transmit your recovery phrase or Private Key electronically.
For expert users only
If you’re an expert user, you can also export your Alluo mobile wallet to a separate non-custodial wallet such as Metamask. Here, you’ll be able to retrieve your account QR code and Private Key if needed.
Please see our FAQ on importing your wallet into Metamask to find out more.
Remember, Alluo is non-custodial, which means only you have access to your account. If you’ve lost access to both your iCloud (Apple) or Google Drive (Android) and lost your old device, Alluo are unable to help you access your funds.