In its mission to transform the future of finance, the French DeFi project Atlendis has achieved two important firsts.
DeFi Project Atlendis Receives a $1 Million Loan through BPI French National Bank
To demonstrate its dedication to abiding by French crypto legislation and aligning with impending European regulations, MiCA, first secured a PSAN, the French equivalent of a license for a provider of crypto services. The second accomplishment was obtaining a loan from the French public investment bank, BPI, for €1 million ($1,108,055.00). The company’s newest product, Atlendis Flow, which aims to make the decentralized lending protocol easier for institutional borrowers, will benefit from these improvements.
Direct crypto-to-fiat transfers are supported by the new offering, which also offers on-chain liquidity for practical use cases. By automating everything on-chain, the move, like many early blockchain ventures in the solely financial sector, is anticipated to save costs and speed up procedures.
Atlendis Moves to a New Model After the FTX Collapse
Initially, Web3 businesses, DAOs, DeFi protocols, and market makers received funding from Atlendis via on-chain loans. Atlendis was forced to modify and advance its products as a result of the demise of FTX and the ensuing market turmoil.
Last year, the Three Arrows catastrophe and the FTX case showed that the market was immature,
Alexis Masseron, Atlantis CEO
They made the decision to switch to a new model in response to DeFi’s detractors, who included some who compared it to Ponzi schemes.
It was just too risky. It was not worth sending up loans that would give you 20% APY, because it would imply a high risk of default. So, we basically closed all our former pools to go towards real-world assets and fintech companies.
Masseron
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