CDS Crypto News Atlendis Labs Deploys Upgrade on Polygon, Opens $2M Lending Pool for Banxa
Crypto News

Atlendis Labs Deploys Upgrade on Polygon, Opens $2M Lending Pool for Banxa

Atlendis Labs has deployed its upgraded version on the Polygon blockchain’s mainnet, with payment service provider Banxa being the first borrower, the protocol announced in a press release.

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Atlendis Labs Deploys Upgrade On Polygon, Opens $2M Lending Pool For Banxa

Atlendis Labs, a credit marketplace built on blockchain technology, now operates its enhanced version on the mainnet of the Polygon blockchain. This decentralized finance (DeFi) credit marketplace provides revolving credit lines to small and medium-sized businesses as well as fintech companies. The protocol revealed that Banxa, a payment service provider, has become the inaugural borrower on the platform.

Atlendis Labs Deploys Upgrade on Polygon, Opens $2M Lending Pool for Banxa

Atlendis Labs Deploys Upgrade On Polygon, Opens $2M Lending Pool For Banxa

Atlendis Labs, a credit marketplace operating on the blockchain, provides revolving credit lines for small and medium-sized businesses and fintech firms. Recently, the DeFi credit marketplace Atlendis Labs released an upgraded version on the mainnet of the Polygon blockchain.

In an official press release, the protocol announced that Banxa, a payment service provider, became the first borrower on the platform. The upgrade brings several new features, including the ability for borrowers to repay their loans early or extend a portion of their outstanding credit.

Additionally, it introduces compliance options for pools to be either permissionless or permissioned through know-your-customer (KYC) checks, while also enhancing due diligence on borrowers.

Atlendis Labs Deploys Upgrade On Polygon, Opens $2M Lending Pool For Banxa

Banxa, a well-known service facilitating the exchange between fiat currencies and cryptocurrencies, will establish a stablecoin credit pool with $2 million worth of Tether’s USDT. Banxa will be the sole borrower of this pool, utilizing the credit line to support its liquidity requirements as daily transaction volumes continue to grow.

This development takes place in a landscape where crypto-native platforms are increasingly venturing into traditional financial investments, such as real-world assets (RWA), through the use of blockchain technology and smart contracts. This allows for faster underwriting processes and transactions.

Tokenization of RWAs has become a prominent investment trend in the crypto space, driven by the decline of DeFi lending and the appealing yields offered by the real economy. Central banks worldwide have raised interest rates to combat inflation, further contributing to the attractiveness of these investments.

About Atlendis

Atlendis Labs Deploys Upgrade On Polygon, Opens $2M Lending Pool For Banxa

Atlendis, headquartered in Paris, provides revolving credit lines to small and medium-sized businesses and fintech firms through its liquidity pools. These pools allow potential lenders to deposit stablecoins and earn a yield. The protocol incorporates a lending rate order book, enabling liquidity providers to set their preferred interest rates on their deposits. When an investor’s interest rate requirement is matched, the protocol lends out the funds as a loan. In cases where there is no match, the funds are deposited into the DeFi lender Aave to generate a yield.

To access more crypto news: cryptodataspace.com

Written by
Aziz KARTAL

Aziz Kartal is 21 years old. He is a student at the Gazi University, Department of Electrical and Electronical Engineering. He works as content writer, researcher and social media manager. He generally research about Web3, Blockchain Security and Cybersecurity.

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