Blockchain
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.
Rafael Cosman, CEO of TrustToken
“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.”
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Blockchain
Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin)
Blockchain technology continues to drive innovation across industries, reshaping finance, infrastructure, and philanthropy. Today’s news roundup explores exciting developments in blockchain ETFs, tokenization funding, quantum-resistant chips, public blockchain initiatives, and impactful social projects. Here’s a deep dive into the latest blockchain headlines:
BlackRock ETF Embraces Blockchain with First Muni Bond Purchase
BlackRock’s blockchain-focused ETF has made its first foray into municipal bonds, signaling increased confidence in integrating blockchain technology with traditional finance. The ETF’s strategic investment demonstrates how blockchain can enhance transparency and efficiency in bond markets.
By tokenizing municipal bonds, BlackRock aims to simplify trading and settlement processes while reducing associated costs. This development underscores the growing role of blockchain in transforming financial instruments and fostering greater market accessibility.
Source: Yahoo Finance
Plume Secures Funding for Tokenization Platform
Blockchain fintech company Plume has raised significant funding to advance its tokenization platform. The company’s innovative approach enables businesses to convert real-world assets into digital tokens, streamlining asset management and unlocking liquidity.
Tokenization is rapidly gaining traction as a game-changer in sectors such as real estate, art, and commodities. Plume’s success reflects a broader trend of investment in blockchain solutions that bridge the gap between traditional assets and decentralized technologies.
Source: Fortune
SEALSQ and Hedera Partner for Quantum-Resistant Blockchain Chips
SEALSQ and Hedera have announced a groundbreaking collaboration to develop quantum-resistant chips designed to secure blockchain infrastructure. These advanced chips will provide robust protection against future quantum computing threats, ensuring the integrity of blockchain networks.
As quantum computing capabilities evolve, safeguarding blockchain ecosystems becomes increasingly critical. This partnership highlights the importance of proactive measures in maintaining the resilience and trustworthiness of decentralized systems.
Source: The Quantum Insider
Deutsche Bank’s Public, Permissioned Blockchain Initiative
Deutsche Bank’s Layer 2 blockchain solution is set to go public and operate as a permissioned network, according to its tech partner. This initiative aims to strike a balance between accessibility and security, leveraging blockchain to streamline financial services and enhance operational efficiency.
The decision to adopt a public, permissioned model reflects a growing trend among enterprises seeking to harness the benefits of decentralization while maintaining control over sensitive data. Deutsche Bank’s approach could serve as a blueprint for other financial institutions exploring blockchain adoption.
Source: CoinDesk
KuCoin’s “Light Up Africa” Initiative Brings Hope to Thousands
Cryptocurrency exchange KuCoin has made a significant impact through its “Light Up Africa” donation ceremony in Ghana, benefiting 36,000 children across the continent. The initiative combines blockchain technology with philanthropy to address energy poverty and support education.
By leveraging blockchain for transparency in charitable contributions, KuCoin sets an example of how the crypto industry can drive meaningful social change. The project demonstrates the potential of blockchain to empower communities and foster sustainable development.
Source: PR Newswire
Industry Implications and Key Takeaways
Today’s developments highlight the transformative potential of blockchain across multiple domains:
- Integration with Traditional Finance: BlackRock’s ETF underscores the synergy between blockchain and established financial systems.
- Tokenization Trends: Plume’s funding success reflects the growing demand for digital asset solutions.
- Quantum-Resistant Technologies: SEALSQ and Hedera’s partnership addresses emerging cybersecurity challenges.
- Enterprise Blockchain Adoption: Deutsche Bank’s public, permissioned network showcases the adaptability of blockchain in financial services.
- Social Impact: KuCoin’s philanthropic efforts illustrate blockchain’s capacity to drive positive societal outcomes.
The post Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin) appeared first on News, Events, Advertising Options.
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