Category: Exchanges & Software

Gray Wolf Analytics Joins the Government Blockchain Association (GBA)

Gray Wolf Analytics announced that it has joined the ranks of the Government Blockchain Association (GBA), a professional association promoting international collaboration between government and blockchain solutions providers.

Comprised of over 5,000 leading industry experts, the GBA represents a large consortium of blockchain technology supporters. Gray Wolf’s partnership with the GBA further signifies the company’s growth as a leader in the crypto forensics space and its commitment to sustaining its ambitious growth trajectory.

Since closing its pre-seed round in September, Gray Wolf has been expediting the crypto forensics industry’s move from zero and negative-sum competition, towards a decentralized, positive-sum ecosystem where the industry has a secure, ubiquitous view of risk to power forensic tools and innovation. Gray Wolf empowers Virtual Asset Service Providers and Crypto Investigators to automate, contextualize and decentralize their crypto forensics workflows, without sacrificing data ownership, control, or security. The platform currently supports early adopters across Cryptocurrency, De-Fi and the metaverse.

“Successful decentralized technologies involve the coordination of multiple, independent stakeholders. We are beyond excited to become a member of the GBA which promotes cooperation through shared values which we hold dear: disclosure, confidence, and integrity,” said Matthew Sampson, CEO of Gray Wolf. “Moving forward, we are committed to working with industry peers in support of the GBA’s mission to further the conversation on blockchain technology adoption globally.”

Representing Gray Wolf as a moderator of GBA working groups will be Dhirendra Shukla, President and Chair. “Coins, tokens and NFTs are fast growing use cases of blockchain technology. And we are keen to engage with thought leaders around the world to bring more awareness to the impact of crypto scams and fraud at all levels of their retail.”

About Government Blockchain Association

GBA is an international non-profit professional association who focuses on its members (as individuals & organizations) that are interested in promoting blockchain technology solutions to government but does not advocate for any specific policy position. Visit https://gbaglobal.org/ for more information.

About Gray Wolf Analytics

Gray Wolf is a crypto forensics start-up that delivers decentralized, global intelligence through risk mitigation solutions that embrace cryptocurrency values – no gatekeeping, unnecessary rent seeking, or centralization of control. Visit https://graywolfai.com/ for more information.

Media Contact:
Chedi Mbaga, Business Development Lead
chedi@graywolfai.com
https://graywolfai.com/contact

USMining Group Officially Announced that It Has Obtained the US MSB License

The US MSB (Money Services Business) license is a financial license provided by FinCEN, the Financial Crimes Enforcement Bureau of the US Treasury Department. FinCEN publishes MSB, which stands for Money Services Business. MSB is the starting point for blockchain payment firms. The accomplishment of USMining Group in acquiring a US MSB license is important positive news for investors.

Since its inception, USMining Group has attracted the attention of the blockchain industry. USMining Group thinks that blockchain technology requires practical applications as well as public involvement. It is vital to decrease the barrier to blockchain investment. USMining Group was able to acquire the public’s trust in a short amount of time, and the US MSB license became the key to market development.

The USMining Group team claims that “Previously, we primarily provided system development and maintenance assistance to enterprises and huge financial institutions. Because of the emergence of blockchain in recent years, the firm has opted to pursue a broader end-user market. Ideally, it would be feasible to make money, develop communities, amass traffic, form consensus, and eventually build a blockchain ecosystem using USMining Group’s technology.”

About USMining Group
USMiningGroup, created in 2016, is a cloud mining equipment sharing platform located in the United States. USMiningGroup is a pioneer in the realm of ASICs, or specialized devices, and it develops Cryptomining equipment under the Bitminer name. As a result, it is considered one of the greatest Crypto cloud mining sites.

This company also works with two of the world’s largest cryptocurrency mining pools, Bitpool and BTC.com. USMiningGroup saves customers the trouble of obtaining and maintaining their own mining equipment. By acquiring a contract, users may mine digital currencies and earn money.

Media Contact
Brand: USMining Group
E-Mail: info@USmininggroup.com
Website: https://usmininggroup.com
SOURCE: USMining Group

SMI Vantage acquires new high hash rate cryptocurrency mining machines

SMI Vantage is acquiring new Avalon 1266 96TH/s crypto mining machines, to be installed in their mining datacentre in Melaka. The first batch of six machines will be delivered, installed and operational by the end of July 2022.

Mark Bedingham, President and CEO of SMI Vantage, commented, “We are pleased to announce that we have acquired new high hash rate machines which will be profitable even with the current bitcoin prices. In the current climate, we are confident that we can take advantage of suppressed machine prices to acquire more high hash rate machines over the next several months.”

SMI Vantage has received shareholder approval at an EGM held on April 19th, 2022 for a proposed business diversification, following which the Company’s cryptocurrency mining machines had become operationally enabled.

About SMI Vantage

SMI Vantage Limited is an investment and management company focused on capitalizing on strong trends in the new economy including Cryptocurrency Mining, and other high-tech SaaS platforms. Listed on the Main Board of the Singapore Stock Exchange, SMI Vantage Limited has a highly capable and experienced management team with a proven track record in building strong business partnerships and alliances.

For media queries, please reach out to:
E: enquiries@sin-mi.com

Capital Markets Veteran and Fintech Pioneer Kelley Millet Formally Joins Prontoblock as CFO and Member of the Board

Prontoblock, today announced the appointment of Kelley Millet as the company’s Chief Financial Officer and Board Member, effective July 15, 2022. Mr. Millet brings more than 20 years’ experience in driving growth, and has a proven track record building and scaling high performance teams. He has served – as Managing Director and Global Head of Debt Capital Markets with JPMorgan, President and Member of the Board of Directors of Market Axess, and President of Millennium Advisors.

Mr. Millet’s extensive experience in capital markets and the fintech sector will accelerate Prontoblock’s traction as a bridge to DeFi serving banks and other financial institutions across the tokenization of fixed income assets, commodities and collateral. He was a leader in the first wave of innovation in the electronic trading of fixed income instruments, taking them from telephone to electronic and straight through processing. With the current repricing and disruption in the equity, fixed income and cryptocurrency markets, Mr. Millet sees an even larger opportunity in migrating these markets – especially the $52 trillion fixed income market – to a Web3 infrastructure.

Mr. Millet’s experience will ensure that Prontoblock solutions accurately address, digitize and make more efficient existing trading activity in fixed income markets. Prontoblock solutions effectively address the inefficiencies that persist when issuing and trading those securities.

Prontoblock’s vision is to serve both the institutional and retail sectors participating in financial markets. In addition to his experience overseeing internal financial functions, Mr. Millet brings experience across both the executive and board levels to the role.

Currently, enabled by Web3 infrastructure, the fixed income assets tokenized by Prontoblock’s platform facilitate greater market access by means of increased efficiency via the blockchain and fractionalized ownership – in the process increasing liquidity and decreasing the cost of capital. The ticket size of such transactions and the associated costs in brokering them make them unavailable to many potential investors. If tokenized as digital assets, either as utility tokens or NFTs, the fixed income market could be opened up to many more investors, and in the process deepening liquidity.

About Prontoblock

Prontoblock provides innovative solutions to financial intermediaries, and ultimately everyday people. Our products open up both traditional and digital asset markets and streamline investment instrument operations using DeFi protocols. The Prontoblock platform tokenizes, hosts and maintains securities issued by clients. It powers a smart-contract solution that fully automates due diligence, establishes reliable records of current stakeholders and compliance, and significantly improves efficiency by reducing administrative friction.

Media Contact:
Alex Gault
alex@prontoblock.com
415-830-6739

Quantum Generation and Plato collaborate to deploy a Fully decentralized Space base quantum Network by 2027

Quantum Generations Qubit Blockchain The first testing node was launched to low Earth orbit in 2018 on SpaceX and was the first generation of Blockchain to engage in the space race and quantum space revolution. Schedule to deploy the Plato Blockchain nodes in the 1st quarter of 2023.

The partnership between the space industry and Blockchain is mutually beneficial. Conducting transactions via satellites will provide an even higher level of security and decentralization to distributed ledger technologies like Plato and Qubit Blockchain. Consequently, the quantum infrastructure is protected against any physical intrusion.

Plato’s robust WEB3 platform and data execution, coupled with Quantum Generations’ quantum communications, data storage technology, and space-based Quantum Internet, will transform the digital economy and open up the last mile.

Additionally, the collaboration will present a chance to advance space technology. We have opened up an exclusive membership program for the QG Community. Every new member will receive a Web3 address from the Plato’s platform and be placed on the priority list for the QPhone and other products and services. “We are thrilled to be a part of such significant industry advancements. Furthermore, we are pleased to collaborate with a distinctive partner in Plato, which will now be the Fourth Blockchain to participate in this space race,” said Larry Castro, CEO of Quantum Generation.

The partnership represents a huge step toward the quantum space revolution and a new frontier.

About Quantum Generation

Quantum Generation is developing 24/7 access with new sovereignty worldwide under a decentralized, incentivized, secure, and private platform. Space-Based Quantum Ecosystem QUBIT Blockchain Satellites and Quantum Generation Quantum Mesh Network. Creating the QG (Quantum Generation) Space-Based Social Community. QGWave (Quantum Frequency), transforming our global infrastructure in quantum communications, space-based banking, exchange, data storage, Decentralized social platforms, and more with QSAT quantum secure satellite constellation.

Video: https://youtu.be/Wskld60-dc0
Web: https://quantumgeneration.io

About Plato

Plato is an open intelligence repository and platform that curate’s the latest data intelligence across the innovation economy. The platform is designed to provide a safe and secure environment to consume sector-specific real-time data intelligence while delivering fully secure Web3 connectivity. Plato covers 27 Market Verticals across 27 languages. Plato’s mission is to drive the shift to Web3 by organizing the technology sector via real-time research access across multiple data sets including an organized taxonomy consisting decentralized directories; news and intelligence, regulatory information, company fundamentals, pricing and liquidity, data analytics, OnChain data, people directory, dApp directory and GitHub contributions to the registry. Plato was designed to seamlessly connect users with thousands of Defi specific applications

Web: https://platodata.ai
Video: https://vimeo.com/557585798

Blockpass and BlockOn Capital Partner over India Blockchain Week

Blockpass, the Safe Network for Crypto, is announcing a partnership with BlockOn, the worldwide blockchain venture builder & firm. As part of this move, Blockpass will provide information, updates and coverage of BlockOn’s events, and BlockOn has invited Blockpass to speak at its India Blockchain Week (IBW – https://www.inblockchainweek.com/ ) event, which covers a whole host of themes from NFTs to Governments to Start-Ups over its 7 days.

BlockOn incubates and accelerates projects which promote a better ecosystem for cryptocurrency and blockchain companies by leveraging its network, infrastructure, visibility and funds. BlockOn guides innovators in the development of their ideas and road maps, accelerates their development and customer acquisition efforts, connects with and secures investment and partnerships, and gains visibility through online and in-person community building efforts. In addition it also hosts blockchain events in the ASEAN region and beyond. Through its efforts, BlockOn is committed to revolutionizing the world and professionalizing the blockchain space.

Blockpass is a digital identity verification provider which provides a one-click compliance gateway to financial services and other regulated industries. Through Blockpass, users can create, store, and manage a data-secure digital identity that can be used for an entire ecosystem of services, token purchases and access to regulated industries. For businesses and merchants, Blockpass is a comprehensive KYC & AML SaaS that requires no integration and no setup cost. You can set up a service in minutes, test the service for free and start verifying and on-boarding users. Currently with more than one million verified user identity profiles, Blockpass facilitates instant onboarding, and thousands of companies have taken advantage of this opportunity to get access to users with reusable digital identity profiles.

“Working with those who set out to help others is always rewarding, so partnering with BlockOn is a real pleasure for us.” said Blockpass CEO Adam Vaziri. “It’s been a tough couple of years for events thanks to COVID, but now things are beginning to return we’re delighted to be invited to such a significant event as IBW to speak about Blockpass and the importance of regulatory compliance.”

“BlockOn is a pioneer in the crypto and blockchain space since 2017 when Bitcoin was not forked. Basic KYC & AML standards were never discussed at Crypto Conferences. Blockpass has a SaaS solution that requires no integration and no setup cost to start verifying and onboarding users. Government Agencies in India will be happy to see Blockpass which can help regulators to see advanced compliance standards in the crypto industry,” said Siddharth Pandya, Head of Partnerships at BlockOn.

Blockpass has grown significantly in size and use since its inception, both in the number and range of users and organizations it has partnered with and the scope of its work. Blockpass continues to develop its digital identity protocol with updates and additions to improve the compliance experience. The existential need for DeFi projects to be regulatory compliant and the recent integrations have led to a surge in interest for Blockpass’ On-chain KYC(TM) solution which promises to change the way blockchains enable compliance. Through its recent work with Animoca Brands, Blockpass is developing the ability to provide KYC where the delivery of the verification result is provably sent and shown on a blockchain without sharing the underlying data. This represents a significant step towards the future Blockpass hopes to bring about where identity verification can be proved without revealing any personal information at all.

About Blockpass
Blockpass is “the Safe Network for Crypto”, with millions of crypto enthusiasts who are pre-verified through bank-grade KYC/AML and who can reshare their profile with a single click. Existing and new Blockpass users are verified by the fastest, cheapest, fully stacked KYC/AML technology in the crypto sector and provided with Blockpass’ unique product balance of user-centric data security and KYC profile reusability. Blockpass’ network is essentially a highly dynamic permissioned decentralized database of known users, with financial incentives for stakeholders and users to improve and continually maintain data with users’ permissions. Other innovative features include crypto ownership proof for FATF Travel Rule compliance, an activity-driven reputation system, “clean crypto” – the whitelisting and blacklisting of crypto wallet addresses, as well as mitigation against bots and fraudulent identities. In 2021, Blockpass introduced its On-chain KYC(TM) solution that enables customers to access zero-knowledge verification of users so they can access probably completed verifications and adhere to standards without seeing the underpinning data. In 2022, Animoca Brands and Yuga Labs were the first to utilize On-chain KYC(TM), verifying over 150,000 users in the $320 million Otherside NFT sale – the largest to date in Crypto sector history. The Blockpass App is available from the App Store and Google Play.

For more information and updates, please visit and sign up to the following:
Website: http://www.blockpass.org
Email: sales@blockpass.org

About BlockOn Capital
BlockOn Capital is a worldwide blockchain venture builder/ VC firm providing acceleration and advisory support to global innovators in blockchain and emerging technology. BlockOn Capital helps innovators from seed to deal, guiding innovators in the evolution of their idea and road maps, accelerating their development and customer acquisition efforts, connecting them with secure investment and partnerships in order to help them gain visibility through online and in-person community building efforts. In addition to their client services, they are the premiere hosts of the most impactful blockchain events in the ASEAN region and beyond. They are committed to revolutionizing and professionalizing the blockchain world.

MEXC Global Lists $MYST by Mysterium Network, a Cryptocurrency to Fight Growing Internet Censorship Worldwide

Major cryptocurrency exchange MEXC Global has listed $MYST token by Mysterium Network (www.mysterium.network), the Swiss-based Web 3.0 company challenging the $30 billion VPN industry with its next-generation anonymity network.

Trading of the MYST-USDT (www.mexc.com/exchange/MYST_USDT) pairs opens at 12:00 p.m. UTC on Thursday, July 14, 2022.

The VPN market is estimated to reach more than $77 billion by 2026. With increasing censorship, shutdowns and surveillance online, over a quarter of the world’s internet users depend on a VPN for daily internet access. Most recently in Sudan, authorities cut off access to the internet to disrupt anti-government protests being held nationwide.

Internet disruptions also come at a great cost to the global economy. In 2022, a total of over 19,000 hours of downtime cost the worldwide economy more than $10 billion.

“These kinds of internet shutdowns are becoming common practice by governments around the world. Saldy, they are increasing in number, rather than slowing down. While there are some great initiatives and campaigns to call out these abuses of power, including from the UN High Commissioner for Human Rights, we need to focus on building internet infrastructure and tools that are resistant to shutdowns and censorship,” says Donatas Grinkas, Head of Mysterium Network.

Mysterium’s open-source web infrastructure is making the internet borderless and accessible for all. The network is made up of tens of thousands of exit nodes spread across more than 130 countries. These nodes are run by everyday people using devices such as computers and Raspberry Pis to share their IP addresses to users and businesses around the world in exchange for MYST, a utility token native to the network. There are already thousands of nodes around the world earning passive income daily (https://mystnodes.com), providing a secure line of communication and access to the open internet.

This peer-to-peer marketplace lays the groundwork for all kinds of services to be built, including the project’s flagship product, the Mysterium VPN (www.mysteriumvpn.com), available for Android, Windows, Mac and Linux (iOS in 2022). Developers and entrepreneurs can build encrypted, censorship-resistant tools using the open APIs, while businesses can plug into the network via the B2B service, Lavafy. Launched in 2020, Lavafy is already being used by five VPN clients.

“Regular VPNs are just a band-aid fix for what is a deeply flawed infrastructural problem, which is why we’re trying to build a solution that fixes things on the deeper protocol and networking level. Peer-to-peer networks like ours allow users everywhere to easily share web resources with each other, such as storage, computing power and now internet access. The goal is to ensure information flows around the web freely, without any unethical blocks from self-interested corporations and governments,” says Grinkas.

More information about Mysterium can be found at mysterium.network
Discover the dVPN at MysteriumVPN.com or run a node and earn crypto with MystNodes.com

About Mysterium Network

Mysterium Network is an open-source ecosystem of tools and infrastructure making the internet borderless and accessible for all. Founded in 2017 in Switzerland, Mysterium’s protocol is designed to break virtual barriers, giving users equal access to information. Anyone can join the peer-to-peer marketplace to rent their unused bandwidth and IP address to a global community. The project’s flagship product, Mysterium VPN, is available for Android, Windows, Mac and Linux.Mysterium held a successful token sale through which it raised $14 million CHF.

Adra and Cadency by Trintech are Certified by SAP for Integration with Cloud Solutions from SAP

By integrating with SAP S/4HANA(R) Cloud, Trintech’s mid-market and large enterprise solutions drive finance transformation and value

Trintech Inc., a leading global provider of cloud-based financial close solutions for the Office of Finance, today announced that its Adra Connector for S/4HANA(R) Cloud, its mid-market suite, and Cadency Connector for S/4HANA Cloud, its large enterprise platform, are certified by SAP for integration with cloud solutions from SAP to deliver finance transformation and value to customers.

“Trintech continues to deliver new integration capabilities to provide customers with even more value in their financial transformation journeys,” said Michael Ross, Chief Product Officer at Trintech. “These integrations bring enhanced control, automation, and data integrity to finance and accounting departments around the world, while also helping to ensure that data flowing to and from their SAP solutions is as seamless as possible.”

Data integration is fundamental in enabling the Office of Finance to modernize its operations. Bi-directional in nature, Cadency and Adra reduce the cost, time, and risk of data integration by automatically retrieving the data required for reconciliation and close processes.

Solutions that are SAP-certified can be efficiently integrated into SAP solution environments and can reduce overall IT investment costs and risks. In addition, Trintech(R) Smart Automation (also SAP-certified) combines process automation with risk-based capabilities to enable finance teams to focus on high-risk transactions or processes, add value to the finance deliverables, and provide insight to help drive continuous improvement. Most recently, Trintech is extending its Smart Automation capabilities with the release of an automation dashboard that provides real-time visibility and statuses of Smart operational processes.

Trintech currently has hundreds of customers running SAP solutions alongside its solutions such as Siemens, HP, GSK, and Serco Group PLC. Cadency and Adra are ERP-agnostic, offering the ability to support all instances of ERPs and GL systems for complete visibility across all business units, geographies, and sources.

SAP Integration and Certification Center (SAP ICC) has certified that Trintech’s Adra Connector for S/4HANA Cloud and Cadency Connector for S/4HANA Cloud solutions integrate with SAP S/4HANA Cloud using standard integration technologies, or that run as an add-on to a cloud solution from SAP.

About Trintech
Trintech Inc., a pioneer of financial corporate performance management software, combines technical and financial expertise to create innovative, cloud-based software solutions that deliver world-class financial operations and insights. From high volume transaction matching and streamlining daily operational reconciliations, to automating and managing balance sheet reconciliations, intercompany accounting, journal entries, disclosure reporting and bank fee analysis, to governance, risk and compliance – Trintech’s portfolio of financial solutions, including Cadency(R) Platform, Adra(R) Suite, and targeted tools, ReconNET(TM), T-Recs(R), and UPCS(R), help manage all aspects of the financial close process. Over 3,500 clients worldwide – including the majority of the Fortune 100 – rely on the company’s cloud-based software to continuously improve the efficiency, reliability, and strategic insights of their financial operations.

Headquartered in Dallas, Texas, Trintech has offices located across the United States, United Kingdom, Australia, Singapore, France, Germany, Ireland, the Netherlands, and the Nordic countries, as well as strategic partners in South Africa, Latin America, and the Asia Pacific. To learn more about Trintech, visit www.trintech.com or connect with us on LinkedIn, Facebook and Twitter.

SAP and other SAP products and services mentioned herein as well as their respective logos are trademarks or registered trademarks of SAP SE in Germany and other countries. See http://www.sap.com/corporate-en/legal/copyright/index.epx for additional trademark information and notices. All other product and service names mentioned are the trademarks of their respective companies.

Media Contact:
Kelli Shoevlin
214-957-5009
kelli.shoevlin@trintech.com

SOURCE: Trintech, Inc.

The HBAR Foundation and BCW Ventures Launch a Market Development Fund to Accelerate Growth on the Hedera Network

The HBAR Foundation and BCW Group today announced a collaboration focused on the rapidly expanding ecosystem at the intersection of distributed ledger technology and digital assets, with an initiative that supports the development and growth of the Hedera network. Kyle Baron, Managing Partner at BCW, and his team will lead and manage an all-encompassing Market Development Fund (MDF) to onboard prominent early-stage projects looking to build on Hedera.

BCW is a global fintech-focused strategy consulting and technology firm that works alongside industry-leading partners and clients to scale digital asset infrastructure, remove friction points, and enhance customer experiences to reimagine how the world does commerce. The BCW MDF furthers the HBAR Foundation’s support of the Hedera ecosystem by leveraging BCW’s expertise in Web3 infrastructure and experience in building scalable digital asset products for Fortune 500 clients. In collaboration with the HBAR Foundation, BCW will continue to identify, incubate, and develop innovative DLT solutions foundational to the growth of next-generation decentralised applications on the Hedera network.

The MDF is looking to fund projects focusing on (but not limited to)

  • Web3 Infrastructure
  • Decentralised Finance
  • NFT, Metaverse, and Gaming
  • Interoperability

BCW has worked closely with Hedera on a wide range of initiatives since 2018 including hashport, the first interoperability bridge connecting Hedera with the EVM world and TOKO, the enterprise grade digital asset tokenization and issuance platform. BCW has also been a proud sponsor of the Hedera Hackathon since 2020.

BCW Ventures enables developers and startups to benefit from BCW’s in-house technology and consultancy experts, proprietary multi-chain interoperability and data analytics solutions, and global network of industry founders and partners. BCW grant applicants benefit from the HBAR Foundation’s continued technical, marketing, and operational support in addition to other members of the BCW family, like hashport, a multi-chain interoperability solution connecting the Hedera, Polygon, and Ethereum networks that makes making dApp migration and token integration to Hedera easier than ever.

To apply for an MDF grant, apply online at https://www.hbarfoundation.org/apply-form and select ‘BCW’ from the Grant Category dropdown.

About BCW Group
BCW Group is a fintech-focused strategy consulting and technology firm with a strong footprint building products & businesses in the digital assets & distributed ledger technologies (DLT) industry. Our mission is to scale digital asset infrastructure, remove the friction points & enhance the customer experience to achieve ubiquity in the utility of digital payments, web 3.0 applications & connectivity of an on-demand digital universe. Our business lines include payments, consulting, technologies, products, research and ventures. We have built products in the areas of blockchain interoperability (hashport), data-analytics (Blockpour), tokenisation (TOKO), staking and IaaS tools (Arkhia).

What makes us unique is our ability to not only re-imagine and design the next generation of digital commerce, but to build the applications of the future alongside our world-class partners & clients.

Learn more about BCW Ventures at bcw.group or follow us on Twitter and on LinkedIn.
– Twitter: https://twitter.com/bcw_llc
– LinkedIn: https://www.linkedin.com/company/bcw-group2019

About the HBAR Foundation
Founded in 2021, the HBAR Foundation fuels the development of the Hedera ecosystem by providing grants and other resources to developers, startups and organizations that seek to launch decentralized applications in DeFi, NFTs, CBDCs, ESGs, gaming and other sectors. In addition to providing funding through a streamlined grant process, the HBAR Foundation acts as an integrated force multiplier through expert support across technical, marketing, business development and other operational functions that are required to scale.

For more information, please contact:
Rufus Daniel
The HBAR Foundation
rufus@hbar.fund

SOURCE: The HBAR Foundation

TrueFi powers WOO X’s institutional services through decentralized loans to verified clients

TrustToken, the core team responsible for building the leading unsecured lending protocol TrueFi unveils its collaboration with WOO X, a zero-fee digital asset trading platform incubated by Kronos Research, the leading digital asset quant company and market maker. WOO X will use TrueFi to support its institutional services by issuing loans to its clients through the protocol.

The amount of value locked into the smart contracts powering decentralized finance (DeFi) services soared in 2021, and despite some fluctuations in the first months of 2021, the ecosystem is still very much in the green year-on-year. While lending has emerged as one of the most lucrative DeFi applications for both retail and institutional clients, decentralized lending protocols still largely have to rely on over-collateralization to avoid risks, which makes the service capital-inefficient. With its total of more than $1 billion loans originated in 2021, TrueFi ups the DeFi lending game by enabling loans to verified institutional borrowers through its lending protocol.

WOO X will rely on TrueFi as the lending protocol of choice for uncollateralized loans to its institutional clients in its native WOO token, making it TrueFi’s first non-stablecoin portfolio. WOO DAO, a decentralized autonomous organization working to foster the growth of the WOO Network, will provide the tokens for the loans, with all yields returning to the WOO DAO. The financial institutions trading on the WOO X platform have been verified through KYC measures, and the loan principal will only be released into their WOO X wallets. Due to TrueFi’s protocol technology, this type of transparency will show WOO token holders where DAO funds are moving.

The uncollateralized lending program follows an update of WOO X’s staking program, which now allows institutional clients to stake 600,000 WOO tokens to trade without fees through the platform’s API. The update has prompted demand for WOO loans among financial institutions looking to gain access to the service fast and with reduced risk exposure.

“Uncollateralized on-chain lending is the most capital-efficient credit a financial institution can get,” says Rafael Cosman, CEO of TrustToken. “Our first non-stablecoin portfolios are further testimony for how versatile TrueFi lending can be, supporting any digital assets at all–Bitcoin, Ether, and other top coins are also very much a possibility. We are excited to be reimagining loans for the 21st century as we work to push TrueFi’s total originated loans to $10 billion.”

“The institutional interest for crypto is soaring, and readily-available capital is one of the key conditions for big players to delve deeper into the space, especially in the current climate,” says Ran Yi, Chief of Ecosystem at WOO Network. “We are thrilled to be partnering with TrueFi to grant institutions fast and efficient credit through DeFi’s first uncollateralized lending protocol. By giving traders more flexibility, we enable more usage of the network, which ultimately benefits the entire ecosystem.”

About TrustToken

TrustToken is building the protocol for global lending. TrustToken’s TrueFi protocol brings uncollateralized lending and credit scoring on-chain, offering borrowers the highest possible capital efficiency at competitive rates, while offering lenders the broadest marketplace of financial products in DeFi. TrueFi has completed over $1B in loan originations with a perfect record of repayment.

The company’s TrueCurrencies are the world’s first independently-verified, fully collateralized stablecoins, trading on top exchanges like Binance, Huobi, and OKEx, generating billions in monthly trade volume. TrueCurrency users enjoy lightning-fast transactions, the lowest transaction costs of any stablecoin, easy exchange to and from fiat currency, and obsessive customer service.

Start using TrueFi at https://truefi.io, or learn more about TrustToken products at https://trusttoken.com.

For interested borrowers or asset managers looking to build financial products on TrueFi, please contact ryan.rodenbaugh@trusttoken.com.

About Kronos Research

Kronos Research is a leading quantitative trading company and cryptocurrency market maker, headquartered in Taipei. Founded in 2018, it grew its daily trading volume to about $5 billion per day while working to build an infrastructure for democratizing investment and trading with both traditional and crypto-assets. WOO X is its digital asset trading platform listing a wide array of coins and tokens, as well as futures contracts pairing $PERP against a variety of popular digital assets. The exchange relies on the WOO Network for liquidity, with WOO DAO working to foster the development of the ecosystem.

For more information, visit https://kronosresearch.com/